Hudson Pacific (HPP) expands its partnership with Canada Pension Plan Investment Board by entering an agreement to acquire a 668,000-square-foot trophy office tower in Seattle for $625 million.
Hudson Pacific Properties, Inc. ("Hudson Pacific") (NYSE: HPP) and Canada Pension Plan Investment Board ("CPP Investments") today announced they have signed an agreement to purchase through a joint venture a 668,000-square-foot trophy office tower in Seattle for US$625 million (before closing adjustments). CPP Investments will own a 45% interest in the joint venture and Hudson Pacific will own 55% and act as general partner and as property, leasing and construction manager. The deal is expected to close in the fourth quarter of 2020.
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