Blackstone To Buy 49% Stake In Hudson Pacific's Three Hollywood Studios And Office Properties

(RTTNews) - Blackstone Property Partners will acquire a 49% interest in Hudson Pacific Properties Inc.'s (HPP) three Hollywood studios and five on-lot or adjacent Class A office properties, totaling 2.2 million square feet, at a gross portfolio valuation of $1.65 billion.

Hudson Pacific will retain a 51% ownership stake and remain responsible for day-to-day operations, leasing and development. The transaction is expected to close in the third quarter of this year.

The transaction includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios, which collectively comprise 35 stages or 1.2 million square feet of production and support space in Hollywood.

The portfolio also features 966,000 square feet of highly sought-after Class A office properties that Hudson Pacific has developed on or adjacent to the lots, specifically 6040 Sunset, ICON, CUE, EPIC and the soon-to-be-completed Harlow.