LOS ANGELES—Hudson Pacific Properties has priced a public offering of 11 million shares at $31.75 per share. The offering includes a 30-day underwriter's option to purchase an additional 1.65 million shares. The offering closes on January 20, 2015, and is subject to customary closing conditions.

Hudson Pacific expects to earn approximately $335.3 million in net proceeds from the offering, or $386.5 million if the underwriter option is exercised. Hudson Pacific plans to use the net proceeds to fund a portion of its purchase of Equity Office Properties' San Francisco Peninsula and Silicon Valley portfolio. The portfolio was purchased through Hudson's operating partnership. If for some reason this transaction is not complete, the proceeds will be used to fund development and redevelopment projects, potential investment opportunities or for general corporate purposes.

“The market has reacted very favorably to Hudson's December announcement of our planned EOP Northern California portfolio acquisition,” Victor Coleman, Hudson Pacific Properties chairman and CEO, tells GlobeSt.com. “Yesterday's equity offering, which was substantially oversubscribed, further illustrates investors' strong support for the deal, as well as the general direction of our company.  I view the offering's successful completion, along with the pending First Financial disposition and 1455 Market joint venture, as important milestones, but our team remains laser focused on the many tasks ahead as we move toward closing.”

Wells Fargo Securities, BofA Merrill Lynch, Goldman, Sachs & Co., Barclays, Morgan Stanley and KeyBanc Capital Markets and RBC Capital Markets are acting as joint book runners for the offering.