Simpson Thacher is representing Blackstone Property Partners L.P. (“BPP”) in connection with its acquisition of a 49% stake in a portfolio of three Hollywood studios and five on-lot or adjacent Class A office properties, at a gross portfolio valuation of $1.65 billion currently owned and managed by Hudson Pacific Properties (“HPP”). Under a new joint venture between the parties, HPP will retain a 51% ownership interest and remain responsible for day-to-day operations, leasing and development. The portfolio, which includes multiple properties currently under development, totals approximately 2.2 million square feet and boasts tenants such as Netflix, CBS and Walt Disney.
The acquisition represents the second joint venture between BPP and HPP in which Simpson Thacher has been recently involved, having represented BPP in its co-acquisition with HPP of the Bentall Center in Vancouver, Canada in 2019.
The Simpson Thacher team includes Scott Kobak, Sas Mehrara, Whitney Salinas, Rachel Stein, Aryeh Goldman, Robert Wentworth, Stephanie Brenner, Laura Hsu and Wendell Ramsey (Real Estate); Nancy Mehlman and Edward Grais (Tax); Lori Lesser and Corina McIntyre (IP); and Andrew Blau, Jeanne Annarumma and Joo Hyun Lee (ECEB).