California REIT buys four Seattle-area office buildings
Los Angeles real estate investment trust Hudson Pacific Properties is making its first foray outside California with a deal to buy four Seattle-area office buildings for $367 million.
Seattle Times business staff
A Los Angeles real estate investment trust is making its first foray outside California with a deal to buy four Seattle-area office buildings for $367 million.
Hudson Pacific Properties said it is buying the Metropolitan Park North office tower near Interstate 5 and the two-building First and King property in Pioneer Square. It also bought a building in the Edmonds/Lynnwood submarket. The properties, which total 836,419 square feet, are being sold by Spear Street Capital of San Francisco.
Spear Street bought Met Park North last year. The building, often referred to as one of the “twin toaster” buildings, is 99 percent leased, with 74 percent to be occupied in November by Amazon.com under a 10-year lease.
The First and King building, once owned by Starbucks, is 90 percent leased to tenants such as Capital One/ING Direct, EMC and Nuance Communications.
Hudson’s other properties as of year-end were all in California, according to regulatory filings. It had 21 buildings in the state’s main office submarkets, containing about 5.3 million square feet.