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Hudson Pacific JV Gains $342M Office Property

BURBANK, CA-The Pinnacle, a two-building, 625,640-square-foot asset, is 95% leased to high-quality media and entertainment companies.

By Carrie Rossenfeld | Updated on November 09, 2012

(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)

BURBANK, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Hudson Pacific Properties Inc. has entered into a joint venture with M. David Paul & Associates/Worthe Real Estate Group to acquire the Pinnacle, a two-building, 625,640-square-foot, class-A office property located in the Burbank Media District. The MDP/Worthe entities will be contributing their existing ownership in the Pinnacle to the newly formed joint venture. The JV acquired the 393,776-square-foot Pinnacle I building for $212.5 million, $129 million of which was financed with a new 10-year project loan. MDP/Worthe currently owns 100% of the 231,864-square-foot Pinnacle II building, which it has agreed to contribute to the JV for a purchase price of $130 million by the end of first-quarter 2013, subject to certain closing conditions. Upon completion of the transaction, the joint venture will own both buildings for a combined purchase price of $342.5 million, subject to $218.6 million of project-level financing. HPP expects to own approximately 65% of the JV and will serve as its managing member.

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