Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced it has completed the acquisition of the Olympic-Bundy Media Campus located at 1901, 1925 and 1933 South Bundy Drive and 12333 West Olympic Boulevard in Los Angeles. The total purchase price for the property was $89.0 million. The Company had previously announced it had entered into a purchase agreement to acquire the property earlier this year.
The Olympic-Bundy Media Campus consists of 11.55 acres, with four existing buildings totaling approximately 233,600 square feet. Approximately 84,200 square feet of the project is available for office tenancy, of which 64% is currently leased through May 2013 to the Rubicon Project, an online advertising technology company. The remaining 149,400 square feet of space is scheduled to be renovated for best-in-class creative office use by early 2014 to capitalize on West Los Angeles’ growing technology, entertainment and media tenant demand.
“The acquisition of the Olympic-Bundy Media Campus represents an exciting opportunity to leverage our design, repositioning and leasing expertise and create significant value for our shareholders,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “Initial design efforts have commenced and early marketing activities by our leasing team have already resulted in tours with more than one million square feet of prospective tenants, underscoring the strong demand for this well-located authentic creative office campus.”
About Hudson Pacific PropertiesHudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California. The Company's strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets, including Los Angeles, Orange County, San Diego and San Francisco. The Company's portfolio currently consists of approximately 5.0 million square feet, not including undeveloped land that the Company believes can support an additional 1.4 million square feet. The Company has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Hudson Pacific Properties is a component of the Russell 2000® and the Russell 3000® indices. For additional information, please visit www.hudsonpacificproperties.com. Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 14, 2012, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
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