LOS ANGELES-In a play to leverage the firm’s acumen in design, property repositioning and leasing, Hudson Pacific Properties Inc. has completed the acquisition of Olympic-Bundy Media Campus, an office/creative-office asset in West Los Angeles, for $89 million. Industry sources report that the firm had entered into a purchase agreement with Merlone Geier Partners to acquire the property, located at 1901, 1925 and 1944 South Bundy Dr. and 12333 West Olympic Blvd., earlier this year.

The campus consists of 11.55 acres, with four existing buildings totaling approximately 233,600 square feet. Approximately 84,200 square feet of the project is available for office tenancy, of which 64% is currently leased through May 2013 to Rubicon Project, an online advertising technology company. The remaining 149,400 square feet of space is scheduled to be renovated for best-in-class creative office use by early 2014 to capitalize on the area’s growing technology, entertainment and media-tenant demand.

The acquisition of the Olympic-Bundy Media Campus represents an exciting opportunity to leverage our design, repositioning and leasing expertise and create significant value for our shareholders,” said Victor Coleman, chairman and CEO of Hudson Pacific, in a prepared statement. “Initial design efforts have commenced and early marketing activities by our leasing team have already resulted in tours with more than 1 million square feet of prospective tenants, underscoring the strong demand for this well-located authentic creative-office campus.”