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Opportunity for Substantial Embedded NOI Growth

SAN FRANCISCO—In an UPDATE to a previous story about Hudson Pacific's $3.5-billion buy, EOP Northern California Portfolio's current occupancy and rents are approximately 10% and 15% below market, with approximately 60% of leased square footage expiring by year-end 2017.

By Natalie Dolce | Updated on December 08, 2014

SAN FRANCISCO—On Monday, GlobeSt.com reported that Hudson Pacific Properties Inc. has entered into a definitive asset purchase agreement under which Hudson will acquire Equity Office Properties‘ San Francisco Peninsula and Silicon Valley portfolio (the “EOP Northern California Portfolio”) from Blackstone Real Estate Partners V and VI in a stock and cash transaction valued at $3.5 billion. In an update to that story, we take a closer look at the strategic and financial benefits as well as the terms and conditions.

The EOP Northern California Portfolio consists of 26 high-quality office assets totaling approximately 8.2 million square feet and two development parcels in “irreplaceable Bay Area submarkets” with a strong, diversified tenancy, including several blue chip technology companies, Hudson Pacific says.

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