Hudson Pacific Properties (HPP) enters Vancouver w/ JV of Bentall Centre.
Hudson Pacific Properties, Inc. (HPP) announced today that it has formed a joint venture with an affiliate of Blackstone Property Partners to acquire Bentall Centre in Vancouver. Hudson Pacific will own 20% of the joint venture equity and serve as operating partner. Management noted that expansion into Vancouver was a natural extension of HPP's focus on West Coast markets, and reflected positively on Vancouver's '"growing tech and media industries, high quality of life and favorable immigration policies." The dollar amount of Hudson Pacific's expected JV commitment was not disclosed.
Bentall Centre is a 1.45 million sf office and retail complex consisting of four Class-A towers totaling 1.3 million sf and 140,00 sf of retail space. The office portion is currently 97% leased and the partners expect to renovate the ground and concourse-level retail space as part of an initial upgrade program at the property.