Hudson Pacific Properties announced the completion of the sale of 3176 Porter, a non-core office property located in Palo Alto, for $24.8 million. This figure is before prorations and closing costs.
The net proceeds generated from this disposition were applied towards repaying outstanding amounts on the company's unsecured revolving credit facility. This action supports Hudson Pacific's ongoing efforts to manage its debt and strengthen its financial position.
This sale represents a continuation of the company's strategy to shed non-strategic assets. Such divestitures are crucial for enhancing liquidity and providing capital for other corporate purposes.
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