The Blackstone Group L.P. (NYSE:BX) entered into an agreement to acquire 2180 Sand Hill Road in Menlo Park from Hudson Pacific Properties, Inc. (NYSE:HPP) for $82.5 million in November 2017. The sale price is before credits, prorations and closing costs. The transaction is expected to close by the end of January 2018.

As of February 15, 2018, the transaction is expected to close on March 1, 2018, subject to customary closing conditions. Hudson Pacific expects to designate proceeds generated from the sale to purchase one or more to-be-identified assets in like-kind exchanges under Internal Revenue Code Section 1031. As of February 15, 2018, Hudson Pacific Properties, Inc. (NYSE:HPP) expects to use the proceeds from the sale to repay amounts outstanding under its unsecured revolving credit facility.