Hudson Pacific Properties and Blackstone form $1.65b JV

Hudson Pacific Properties and funds affiliated with Blackstone Property Partners will acquire a 49 percent interest in Hudson Pacific’s three Hollywood, Calif., 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 of this year.

“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