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Douglas Emmett Closes $89M Buy

ENCINO, CA—Hudson Pacific Properties sells the First Financial building to Douglas Emmett, earning proceeds of $46 million after repaying a $43 million loan, GlobeSt.com reports in an UPDATE to a previous story.

By Kelsi Maree Borland | Updated on March 10, 2015

ENCINO, CA—Douglas Emmett has closed on the purchase of the First Financial office building from Hudson Pacific Properties for $89 million. In an earlier story, GlobeSt.com reported that Hudson Pacific agreed to sell the property to Douglas Emmett as part of the disposal of its legacy assets.

“Since acquiring First Financial as part of our 2010 IPO, we’ve created significant value through renewals, as well as new leases signed with high-quality tenants like Equinox,” Victor Coleman, Hudson Pacific’s chairman and CEO, tells GlobeSt.com. “The reality is that Encino doesn’t typically attract the type of high-growth companies—mostly technology, media and entertainment-focused users here in L.A.—we target as part of our investment strategy. The sale of First Financial is a perfect example of how we dispose of non-core assets to recycle capital into higher-value transactions, in this case our pending EOP Northern California Portfolio acquisition.”

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