Blackstone announced its purchase of a 49% stake in Hudson Pacific Properties’ Hollywood Media Portfolio, which is a 2.2 million-square-foot collection of studio facilities and Class A office buildings valued at $1.65 billion.
According to a press announcement, the new venture will include rights to build another 1.1 million square feet of office and production space at two specific studios. In addition, Hudson Pacific and Blackstone plan on partnering on future studio acquisitions in Los Angeles and other key markets.
Hudson Pacific will retain a 51% ownership stake and will . . .
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