Hudson Pacific Sells Property to YouTube for $215 Millionby
Hudson Pacific Properties Inc., an owner of office buildings in California and the Pacific Northwest, said it sold a property in San Bruno, California, to YouTube for $215 million in an all-cash transaction.
Hudson Pacific, based in Los Angeles, had acquired the 554,328-square-foot (51,499-square-meter) Bayhill Office Center campus as part of an April 2015 purchase of San Francisco Peninsula and Silicon Valley office buildings from Blackstone Group LP.
“We sold it at a premium to our original purchase price allocation as part of the Blackstone portfolio acquisition,” Hudson Pacific Chief Executive Officer Victor Coleman said in a statement Tuesday.
YouTube is a unit of Alphabet Inc.