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Monday, December 8, 2014

Hudson Pacific to purchase California properties in $3.5 billion deal, (NYSE: BX), (NYSE: HPP)

Hudson Pacific Properties Inc said it would purchase a portfolio of office buildings in California from a unit of Blackstone Group LP for $3.5 billion in stock and cash. Hudson, a real estate investment trust focused on office properties, will pay $1.75 billion in cash and issue about 63.5 million shares and operating partnership units to Blackstone.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.25% or $0.42/share to $33.94. In the past year, the shares have traded as low as $26.56 and as high as $36.08. On average, 4958100 shares of BX exchange hands on a given day and today's volume is recorded at 5524561.

Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate investment trust (REIT) focused on owning, operating and acquiring high-quality office properties in select growth markets primarily in Northern and Southern California. Shares of HPP traded higher by 0.46% or $0.13/share to $28.17. In the past year, the shares have traded as low as $19.13 and as high as $28.59. On average, 266983 shares of HPP exchange hands on a given day and today's volume is recorded at 339316.



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