Hudson Pacific completes $65.5 million San Francisco property sale

Hudson Pacific Properties ($HPP) sold 875 and 899 Howard in downtown San Francisco for $65.5 million before closing costs and adjustments. The two properties total approximately 284,000 square feet. One building was 36% occupied, with its remaining major lease expiring next year, while the other was vacant. The company had secured permission to convert two floors of the vacant former retail building to office use.

Together with an earlier North San Jose disposal, completed third-quarter asset sales now total $90.5 million. Hudson Pacific intends to use net proceeds for general corporate purposes. The sale removes assets carrying vacancy and re-leasing exposure, but the release does not disclose an accounting gain or equate the gross sale price with net cash retained.

Sources:

• Hudson Pacific Properties — completed Howard properties sale, Business Wire release