Hudson Pacific Properties (HPP) announces $625 million JV acquisition.

Hudson Pacific Properties (HPP) and Canada Pension Plan Investment Board (CPP) announced today that they have formed a joint venture to purchase a 668,000 sf Class-A office tower in Seattle for $625 million.  Hudson Pacific said that it will own 55% of the joint venture and act as general partner and property manager.  The acquisition is expected to close in December 2020.

The Seattle property is located at 1918 8th Avenue and proximate to another HPP/CCP office tower known as Hill7.  1918 8th Avenue is currently 98% leased with Amazon as the building's largest single tenant.

Hudson Pacific specializes in the ownership and development of Class-A office and media properties on the West Coast. The company's portfolio includes interests in 54 consolidated properties with 14.6 million square feet concentrated in Seattle, San Francisco, Los Angeles, and Vancouver. HPP has a total market capitalization of approximately $7.2 billion and is a member of the S&P MidCap 400 index.