The Blackstone Group to acquire a 49% stake in the Hollywood Media Portfolio of Hudson Pacific Properties at a $1.65bn valuation.

The Blackstone Group agreed to acquire a 49% stake in the Hollywood Media Portfolio of Hudson Pacific Properties, a real estate investment trust with a portfolio of office and studio properties, at a $1.65bn valuation. "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. 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 additional development rights at our existing studios. We are pleased to once again align with Blackstone, a trusted and proven strategic partner, who shares our long-term vision for our studio portfolio and the asset class more broadly," Victor Coleman, Hudson Pacific Chairman and CEO.