LOS ANGELES — California-based Hudson Pacific recently announced it has entered into a joint venture with Blackstone Property Partners to acquire and renovate the Bentall Centre in downtown Vancouver, a 1.45-million-square-foot complex of office buildings and commercial space.
Hudson Pacific will own 20 per cent of the venture and will be the operating partner for day to day operations, while Blackstone will own 80 per cent and act as the managing partner.
“We have always viewed Vancouver, with its proximity to Seattle, growing tech and media industries, high quality of life and favourable immigration policies as a natural expansion market for our office and studio portfolios. Bentall Centre is one of the city’s preeminent office and retail properties and a landmark of downtown Vancouver,” Hudson Pacific CEO Victor Coleman said in a statement.
“The acquisition will provide us with immediate scale in the city’s Financial Core, as well as the opportunity to create substantial value through Hudson Pacific’s tailored repositioning strategy, and the eventual development of additional premier office space. We are thrilled to once again partner with Blackstone as we launch this exciting next phase of our company’s growth in a fantastic new market.”
The four Bentall office towers comprise 1.3 million square feet of space with 140,000 square feet of at-grade and concourse level amenity space. The office space is 97 per cent leased and the complex is located next to the Burrard Street Skytrain transit station.
“We are excited about the opportunity to enter the Vancouver office market with the acquisition of one of the city’s premier office complexes. This transaction represents a continuation of our global strategy of acquiring high-quality, well-located office buildings in high-growth, innovation cities around the world. We are making this acquisition through BPP, our Core+ strategy, which is a permanent capital vehicle, and plan to own and invest in this property for the long term. We are also excited to again work with Hudson Pacific and its top-tier team,” Blackstone head of real estate Americas Nadeem Meghji added.
The partners plan to completely revamp the retail promenade and substantially upgrade the indoor and outdoor common areas at Bentall I-IV.
The two firms have worked on four different transactions in the past few years, the largest being Hudson Pacific’s $3.5-billion purchase in 2015 of the Equity Office Properties San Francisco Peninsula and Silicon Valley office portfolio.
Recent Comments
comments for this post are closed