Hudson Pacific Properties completed the sale of Maxwell, a non-core office property located in the Los Angeles Arts District, for $46.0 million. This transaction was finalized before prorations and closing costs.
The net proceeds from this sale were utilized by the company to repay outstanding amounts on its unsecured revolving credit facility. This action aligns with HPP's ongoing efforts to enhance its financial flexibility and manage its debt profile.
Including the previously announced Foothill Research Center sale, these non-core asset dispositions have generated a total of $97 million. Such strategic sales are critical for improving liquidity and strengthening the balance sheet.
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