Hudson Pacific to sell Encino office property to Douglas Emmet

• Consistent with its goal of unloading non-strategic assets, Hudson Pacific (NYSE:HPP) agrees to the sale of its First Financial office property in Encino, CA to Douglas Emmet (DEI) for $89M. The deal is expected to close this quarter, subject to DEI being able to assume an existing $43M loan on the property.
• Hudson Pacific expects to defer any capital gains taxes through a 1031 exchange, possibly with assets to be purchased in its deal with Blackstone.
• Source: Press Release
• Previously: Blackstone cashes out of NoCal office portfolio (Dec. 8, 2014)