Hudson Pacific Properties, Inc. said Friday it completed the sale of 875 and 899 Howard, two downtown San Francisco properties totaling approximately 284,000 square feet, for $65.5 million before prorations and closing costs. The buyer was not disclosed.
Formerly occupied by Snapchat, 875 Howard is an approximately 188,000-square-foot office building that was 36% occupied at the time of sale, with its remaining major lease expiring next year. 899 Howard, an approximately 96,000-square-foot former retail building, was fully vacant. Hudson Pacific secured entitlements to convert two floors of 899 Howard to office use before the sale.
“The sale of 875 and 899 Howard reflects our disciplined approach to recycling capital out of non-core assets,” said Victor Coleman, chairman and CEO of Hudson Pacific. “Our team’s deep understanding of San Francisco’s growing office demand guided the repositioning of 899 Howard, and the sale eliminates significant capital and re-leasing risk while enhancing our financial flexibility. We will continue executing our disposition program and driving lease-up across our portfolio.”
Photo of 899 Howard courtesy of Plant Construction.
