{"id":1004147769,"date":"2016-07-11T00:03:06","date_gmt":"2016-07-11T08:03:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147769"},"modified":"2020-05-18T12:57:06","modified_gmt":"2020-05-18T20:57:06","slug":"west-la-office-tower-commands-311m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/west-la-office-tower-commands-311m\/","title":{"rendered":"West LA Office Tower Commands $311M"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004147772\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith11july.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004147772\" data-attachment-id=\"1004147772\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/west-la-office-tower-commands-311m\/keith11july\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith11july.jpg\" data-orig-size=\"240,300\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"keith11july\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith11july.jpg?w=240\" class=\"wp-image-1004147772 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith11july.jpg\" alt=\"11601 Wilshire Blvd., Los Angeles\" width=\"240\" height=\"300\" \/><\/a><p id=\"caption-attachment-1004147772\" class=\"wp-caption-text\">11601 Wilshire Blvd., Los Angeles<\/p><\/div>\n<p><strong>Los Angeles<\/strong>\u2014<a href=\"https:\/\/hudsonpacificproperties.com\/\" rel=\"nofollow\" target=\"_blank\">Hudson Pacific Properties Inc.<\/a> has acquired the former <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-gets-busy-with-california-office-deals\/\" target=\"_blank\">Wells Fargo Center<\/a>\u2014a 500,475-square-foot, Class A office tower in Los Angeles\u2014for $311 million, from funds managed by The Blackstone Group.<\/p>\n<p>\u201cOur team\u2019s long history of occupancy and prior ownership of 11601 Wilshire Boulevard provided a competitive edge to understanding the value creation potential for this asset,\u201d Victor Coleman, Hudson Pacific chairman &amp; CEO, said in a prepared statement. \u201cOur success in selling One Bay Plaza and securing the timely repayment of our Broadway Trade Center note adds to our already ample capital sources to fund this transaction.\u201d<\/p>\n<p>Located at 11601 Wilshire Blvd., the property has served as Hudson Pacific\u2019s headquarters since 2007, and was 83 percent occupied at the time of the sale. The company plans to renovate the property and lease up the remaining space.<\/p>\n<p>\u201c[The building] is a landmark property at the gateway of one of Los Angeles\u2019 premier Westside office corridors,\u201d Coleman said. \u201cWe intend to further elevate this asset within the marketplace, spending capital wisely to facilitate lease-up and create value for our stockholders.\u201d<\/p>\n<p>Hudson Pacific funded the acquisition with approximately $80 million in net proceeds from a combination of the sale of One Bay Plaza and repayment of the Broadway Trade Center Note, and $150 million of funds from a private placement of 3.98 percent senior guaranteed notes due July 6, 2026, with the balance funded from a draw under its unsecured revolving credit facility. It also secured an additional $50 million from a private placement of 3.66 percent senior guaranteed notes due September 15, 2023.<\/p>\n<p>Hudson Pacific has been busy with its California portfolio lately. In January, the company sold Bayhill Office Center, a 554,328-square-foot Class A office campus in San Bruno, Calif., <a href=\"https:\/\/www.commercialsearch.com\/news\/youtube-lands-massive-san-bruno-office-park-for-250m\/\" target=\"_blank\">to YouTube for $215 million<\/a>; and last fall, it <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-flips-in-burlingame\/\" target=\"_blank\">sold two buildings at Bay Park Plaza<\/a> in Burlingame to private equity firm H&amp;Q Asia Pacific for a reported $90 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hudson Pacific acquired the former Wells Fargo Center at 11601 Wilshire Blvd. from an affiliate of The Blackstone Group.<\/p>\n","protected":false},"author":451,"featured_media":1004147772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1594,21742,21747,15],"tags":[],"class_list":["post-1004147769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-los-angeles","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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