Hudson Pacific and Blackstone Continue Hollywood Studio Expansion
One of the largest owners of Hollywood studio space, along with one of the largest real estate investors in the world, is expanding its soundstage footprint despite the now 51-day writers strike.
Hudson Pacific Properties (HPP) and its partner Blackstone (BX) are continuing to expand its portfolio of film and TV space by adding 134,000 square feet at 6650 West Romaine Street and 6619 West Barton Avenue across from its Sunset Las Palmas studio complex, according to CoStar News.
HPP bought the 13-soundstage Sunset Las Palmas for $200 million six years ago. Blackstone bought a 49 percent stake in HPP’s larger Sunset Studios portfolio in Hollywood nearly three years ago, along with rights to add 1.1 million square feet of office and production space at Sunset Las Palmas and Sunset Gower Studios. And the landlord has since added Sunset Glenoaks Studios and more to the portfolio.
Investors hope demand for soundstage and other entertainment-related space bounces back after the writers strike gets resolved. Production has largely ceased since it started May 2. HPP the following week dimmed its outlook for cash flow from operations.
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