Hudson Pacific Properties Sells Encino Office Property to Douglas Emmett

Hudson Pacific Properties, Inc. (“Hudson” or the “Company”)

today announced it has entered into an agreement to sell its First Financial office property in Encino, California to Douglas Emmett, Inc. for $89.0 million (before certain credits, prorations and closing costs). The parties expect to close the transaction, subject to assumption of an existing $43.0 million loan, in the first quarter of 2015. “Hudson's decision to sell First Financial aligns with our long-stated goal to dispose of non-strategic assets in order to recycle capital into higher-value lease-up, redevelopment and development opportunities,” said Victor Coleman, Hudson's Chairman and Chief Executive Officer. “Douglas Emmett is the perfect owner for the asset, given their high-quality portfolio and complementary holdings in the submarket.” First Financial is a six-story, approximately 222,000-square-foot, multi-tenant office building with a four-level parking garage located at the intersection of Ventura and Balboa Boulevards. Hudson's predecessor entity acquired the property upon consummation of its initial public offering in June 2010. Hudson intends to use proceeds from the disposition pursuant to a like-kind exchange under the Internal Revenue Code Section 1031, which could include assets to be purchased from Blackstone Real Estate Partners V and VI as part of the Equity Office Properties' San Francisco Peninsula and Silicon Valley portfolio.