Hudson Closes on 8.2M SF Portfolio
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It's official: Hudson Pacific Properties just closed its previously announced buy of Equity Office Properties' 8.2M SF office portfolio on the Peninsula and in Silicon Valley from Blackstone's real estate funds. The deal doubles the company size, with a $7B total market cap. Here's Hudson SVP of operations Joshua Hatfield at a Bisnow SoMa event last June, when the local portfolio was just a "meager" 2.5M SF. Now it's added 26 office assets and two development parcels. Upon closing, Hudson’s combined portfolio totals 53 properties or 17.3M SF, including land for development across NorCal, SoCal and the Pacific Northwest. Hudson funded the $1.75B cash consideration and $54.3M of closing costs from a combo of sources, one of which was net proceeds from its JV with CPPIB at 1455 Market, aka Uber's current HQ.