LOS ANGELES--(BUSINESS WIRE)-- Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced it has completed the acquisition of 6922 Hollywood Boulevard in Hollywood, California. The Company acquired the 12-story, approximately 205,522-square-foot project for $92.5 million (before closing costs and prorations), including the assumption of an existing $42.2 million loan. The loan bears interest at a fixed annual rate of 5.5775%, with 30-year amortization, and matures in January 2015.

“We are excited to add this highly regarded property to our growing portfolio of quality office assets,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “This transaction marks our fourth Hollywood property and seventh acquisition in the last twelve months, as we build on the burgeoning presence of the media and entertainment industries in this submarket.”

6922 Hollywood is currently 100% leased to a high-quality group of media, entertainment and retail tenants, with an average remaining lease term of approximately seven years. Tenants include Trailer Park, the largest entertainment marketing and content agency in the world, and J2 Global Communications. The property is also the headquarters for the seller, CIM Group.

Located in the heart of Hollywood, 6922 Hollywood is a 12-story, Class “A” office building. Situated on 1.43 acres, the property comprises 205,522 square feet, including approximately 171,828 square feet of office space and approximately 33,694 square feet of premier, ground-floor retail space. The property also includes a subterranean parking garage that can accommodate up to 70 cars and an adjacent, five-level parking structure that contains 417 parking spaces. Built in 1967 and extensively renovated between 2005 and 2007, the prior ownership invested nearly $5 million in building renovations, including a complete renovation of the main building lobby, full elevator modernization and renovation and roof replacement. 6922 Hollywood has emerged as one of the most prestigious addresses in the supply-constrained Hollywood submarket.

About Hudson Pacific Properties

Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California. The Company’s strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets including Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. The Company’s portfolio consists of approximately 4.4 million square feet. The Company has elected to be taxed and intends to operate in a manner that will allow it to qualify as a real estate investment trust, or REIT, for federal income tax purposes, commencing with the taxable year ended December 31, 2010. Hudson Pacific Properties, Inc. is a component of the Russell 2000® and the Russell 3000® indices. For more information, visit www.hudsonpacificproperties.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s final prospectus filed on April 27, 2011, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission on March 24, 2011, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

Investor Contact:
Hudson Pacific Properties, Inc.
Mark Lammas, 310-445-5700
Chief Financial Officer
or
Investor / Media Contact:
Addo Communications, Inc.
Andrew Blazier, 310-829-5400
andrewb@addocommunications.com

Source: Hudson Pacific Properties, Inc.