Hudson Pacific Properties, a vertically integrated REIT operating in the California office sector, announced terms for its IPO on Monday. The Los Angeles, CA-based company plans to raise $230 million by offering 12.8 million shares at a price range of $17-$19. At the mid-point of the proposed range, Hudson Pacific Properties will command a market value of $410 million. Hudson Pacific Properties, which was founded in 2009 to succeed Hudson Capital, LLC and booked $53 million in sales last year, plans to list on the NYSE under the symbol HPP. Concurrently with the IPO, the office REIT will acquire interests in its historical operating companies from CEO Victor Coleman, President Howard S. Stern, and investment funds affiliated with Farallon Capital Management; the CEO and Farallon will also purchase $20 million of common stock at the IPO price. Post IPO, Hudson Pacific Properties will own a portfolio of six properties totaling 1.2 million square feet. BofA Merrill Lynch, Barclays Capital and Morgan Stanley are the lead underwriters on the deal, which is expected to price during the week of June 21st.
