Hudson Pacific Properties' deal to sell a 49% stake in its three historic Hollywood studios to Blackstone values the properties at $1.65 billion.
nc. said Monday that it will sell a 49% stake in its three historic Hollywood studios to an affiliate of New York investment firm Blackstone in a deal that values the properties at $1.65 billion.
Included in the deal are five office buildings on the studio lots or nearby with a combined total of nearly 1 million square feet. Streaming entertainment service Netflix is the largest tenant, with commitments to rent more than 700,000 square feet of space. Hudson Pacific’s predecessor company Hudson Capital bought Sunset Gower and Sunset Bronson in 2007 and 2008, respectively, in a period of growing demand for stages that has remained steady as old line studios have been joined by newer streaming services such as Amazon Studios, Apple TV+ and Netflix making movies, television shows and other forms of recorded entertainment.
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