Updated Oct 29, 2024
Hudson Pacific Properties Sells Two Santa Monica Office Properties For $72.5M
604 Arizona Avenue
$72,500,000
Building Size
—
Asset Type
Office
Closing
Aug 25, 2023
About this deal
AI
Hudson Pacific Properties, Inc., led by Victor Coleman, has recently completed the sale of two office properties in Santa Monica. The properties located at 604 Arizona Avenue and 3401 Exposition Boulevard were sold for a total of $72.5 million. This sale resulted in a gain of approximately $22 million for Hudson Pacific Properties in the third quarter.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $72,500,000
The buyers of these Santa Monica office properties have not been disclosed. The sale proceeds will be used by Hudson Pacific Properties to repay their revolving credit facility. This transaction comes at a time when the industry is facing ongoing challenges, including the impact of the Hollywood strikes.
On the Map
$72,500,000
Office
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Santa Monica Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93