Hudson Pacific to Buy $3.5 Billion Portfolio of Buildings

The New York investment firm Blackstone Group has agreed to sell its northern California portfolio of 26 office buildings for $3.5 billion to Los Angeles real estate investment trust Hudson Pacific Properties Inc. in its largest office sale in seven years, the Wall Street Journal reports. Hudson paid $1.75 billion in cash and the rest in stock, making Blackstone a 48 percent stakeholder in the company.