Maxwell Office Property in Arts District Sold by Hudson Pacific Properties for $46M

Hudson Pacific Properties Inc., a Los Angeles-based commercial real estate owner and developer, sold an office property dubbed Maxwell in the Arts District of downtown Los Angeles for $46 million. The buyer was not disclosed. The building was named after its origins as a factory for Maxwell Coffee House when it was built in 1924.

“We continue to make strong progress in our efforts to monetize non-core assets at favorable pricing and in a timely manner,” said Victor Coleman, chairman and chief executive, in a statement. “With the sale of Maxwell and the pending close of the Foothill Research Center, we will have generated more than $90 million of gross proceeds since November,” he said.

Hudson Pacific acquired the two creative office buildings at 1003 and 1019 E. Fourth Place in 2015. It renovated the 102,000-square-foot campus and subsequently leased it to WeWork, although the coworking company vacated after the onset of COVID-19. The building was then leased to plant-based milk manufacturer Califia Farms, which operates its headquarters in 30,000 square feet of the building.