Western

SAN FRANCISCO — A joint venture between Canada Pension Plan Investment Board (CPPIB) and Hudson Pacific Properties has acquired a 45 percent interest in a 1-million-square-foot office building in San Francisco for $219.1 million. The Class A building is located at 1455 Market Street. The 22-story property was acquired by Hudson in December 2010. Hudson will retain a 55 percent ownership in the property, as well as its “general partner” status. It will also continue to oversee the building’s leasing and management. The office building fronts an entire block along 11th Street in San Francisco’s Mid-Market neighborhood. The concrete building was constructed in 1976. It features a nine-story podium topped by a 14-story tower. The building currently serves as the global headquarters for Uber and Square. It was previously a critical data center for Bank of America. A repositioning and expansion of the property’s ground-floor retail will commence early this year. The goal is to attract high-end retail and restaurant users to the space. Hudson plans to use joint-venture proceeds for a like-kind exchange, which could include an acquisition from Blackstone Real Estate Partners V and VI, as part of the Equity Office Properties’ San Francisco Peninsula and Silicon Valley …

LOS ANGELES – Peregrine Realty Partners has acquired an office building in the Warner Center Business Park for $19.5 million. The six-story building is located at 5950 Canoga Ave. in the Woodland Hills submarket. This sale marks the closing of a three-building portfolio that included 5955 De Soto and 21155 Califa Street. The seller, a joint venture between Oakfield Realty Partners and Long Wharf Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.

LOS ANGELES — American Realty Capital Global Trust (ARC Global Trust) has purchased the 226,441-square-foot Quest Diagnostics building in the Los Angeles submarket of Santa Clarita for $96 million. The lab and office facility is located at 27027 Tourney Road. The property sits adjacent to Interstate 5, about 40 miles north of Los Angeles International Airport (LAX). Quest Diagnostics is the world’s leading provider of diagnostic testing and is one of the largest biomedical companies in the U.S. Quest occupies the entire building. The seller, Clarion Partners, was represented by HFF’s Ryan Gallagher, Mike McCann, Andrew Harper and Nick Foster.