Hudson Pacific sells Los Angeles office property for $46M

Hudson Pacific (HPP) announced that it has closed on the sale of a non-core office property, Maxwell, located in the Los Angeles Arts District, for $46.0 million before prorations and closing costs. The company used net proceeds to repay amounts outstanding on its unsecured revolving credit facility. Inclusive of its Foothill Research Center office property which is under contract and expected to close in first quarter of this year, the company will have executed on a total of $93.8 million in non-core asset sales since mid-November last year, with additional sales expected to follow.