Hudson Pacific Properties (HPP) expands Seattle portfolio with $119 million acquisition.

Hudson Pacific Properties, Inc. (HPP) announced today that it has acquired a 197,000 sf office property in Seattle for $119 million or $602/sf.  The property is subject to a ground lease that has a remaining term of 50 years.  The six-story property - known as 5th & Bell - is LEED gold certified and fully leased to Amazon.  HPP financed the property with existing cash and a $75 million draw on its revolving credit facility.

“With the purchase of 5th & Bell and 1918 Eighth, we have nearly doubled our portfolio of premier quality, long-term credit-tenant anchored office assets in the dynamic Denny Triangle submarket—and we have done so through transactions that are immediately accretive to the company,” said Victor Coleman, Chairman and CEO of Hudson Pacific. “Our portfolio uniquely positions us to preserve and create value for our shareholders in Seattle, which remains one of the strongest office markets in the country.”

Hudson Pacific specializes in the ownership and development of Class-A office and media properties on the West Coast. As of September 30, 2021, the company's portfolio included interests in 55 consolidated properties with 15.3 million square feet concentrated in Seattle, San Francisco and Los Angeles. HPP has a total market capitalization of $8.5 billion and is a member of the S&P MidCap 400 index.