Hudson Pacific Properties, Inc. and Canada Pension Plan Investment Board (CPP Investments) have completed their previously announced acquisition of 1918 8th Avenue, a 668,000-square-foot trophy Class A office tower in Seattle for US$625 million (before closing adjustments).
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Through the joint venture, CPP Investments owns a 45% interest and Hudson Pacific owns 55% and acts as general partner and as property, leasing and construction manager.
1918 8th Avenue, trophy office tower in Seattle, is 98% leased with an average remaining lease term of 10 years and Amazon as its largest tenant occupying a majority of the building. The LEED Platinum certified tower was completed in 2010 and features a multi-level lobby, great room, central conferencing facility and large fitness center.
In conjunction with closing the transaction, the joint venture closed a US$314.3 million mortgage loan secured by the property. This loan has an initial interest rate of LIBOR plus 1.70% per annum and is interest only through the five-year term.