Hudson Pacific Properties Announces Primary Offering Of Common Stock To Fund Repurchase Of Common Units And Secondary Offering Of Common Stock By Selling Stockholders

Hudson Pacific Properties, Inc. ("Hudson Pacific" or the "Company") (NYSE: HPP) today announced an underwritten public offering of 18,699,017 shares of its common stock pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"), consisting of 17,533,099 shares offered by the Company and 1,165,918 shares offered by certain funds affiliated with Farallon Capital Management, L.L.C. (collectively, the "Farallon Funds").

Hudson Pacific intends to use the net proceeds that it receives from this offering, after deducting estimated underwriting discounts, but before estimated offering expenses payable by the Company, to acquire an aggregate of 17,250,000 common units of limited partnership interest in its operating partnership, Hudson Pacific Properties, L.P. (the "Operating Partnership"), from certain entities affiliated with The Blackstone Group L.P. (collectively, "Blackstone") and 283,099 common units of limited partnership interest in the Operating Partnership from the Farallon Funds. Upon completion of this offering, Blackstone and the Farallon Funds will own approximately 11.8% and 1.0% of Hudson Pacific, respectively, through their interests in the outstanding shares of common stock of the Company and in the common units of limited partnership interest in the Operating Partnership, which are redeemable by the holders for cash or, at Hudson Pacific's election, exchangeable for shares of common stock of the Company on a one-for-one basis.

Hudson Pacific will not receive any of the proceeds from the sale of the shares of common stock in this offering by the Farallon Funds.

Morgan Stanley is acting as the sole underwriter for the offering. A copy of the preliminary prospectus supplement and accompanying prospectus relating to these securities can be obtained by contacting: Morgan Stanley & Co. LLC - Attn: Prospectus Department - 180 Varick Street, 2nd Floor - New York, NY 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

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