Hudson Pacific and Blackstone announce new joint venture to expand studio platform
Funds affiliated with Blackstone Property Partners will acquire a 49 percent interest in Hudson Pacific Properties’ 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 percent ownership stake and remain responsible for day-to-day operations, leasing and development. The transaction is expected to close in the third quarter.
“Hudson Pacific has been at the forefront of Hollywood’s renaissance for more than a decade, owning, operating and building world-class creative office and production campuses for leading media and technology companies,” said Victor Coleman, chairman and CEO of Hudson Pacific. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios, including the build-out of additiona