West LA Office Tower Commands $311M
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11601 Wilshire Blvd., Los Angeles
Los Angeles—Hudson Pacific Properties Inc. has acquired the former Wells Fargo Center—a 500,475-square-foot, Class A office tower in Los Angeles—for $311 million, from funds managed by The Blackstone Group.
“Our team’s long history of occupancy and prior ownership of 11601 Wilshire Boulevard provided a competitive edge to understanding the value creation potential for this asset,” Victor Coleman, Hudson Pacific chairman & CEO, said in a prepared statement. “Our success in selling One Bay Plaza and securing the timely repayment of our Broadway Trade Center note adds to our already ample capital sources to fund this transaction.”
Located at 11601 Wilshire Blvd., the property has served as Hudson Pacific’s headquarters since 2007, and was 83 percent occupied at the time of the sale. The company plans to renovate the property and lease up the remaining space…
