Hudson Pacific, Blackstone Extend $1.1B Hollywood Studio Loan

Hudson Pacific Properties and Blackstone have won a 15-month extension on the $1.1 billion CMBS loan tied to their 2.2 million-square-foot studio and office portfolio in Hollywood, California, not Hollywood, Florida, according to Bisnow and a Hudson Pacific filing with the SEC. The loan had moved to special servicing after missing its original August 9 maturity.

Why it matters

This is one of the clearest live reads on how CMBS special servicers are treating large office and studio debt right now, and it sets a template for what any developer refinancing an office-heavy portfolio should expect to negotiate. The lender group extended the maturity without requiring a principal paydown or raising the interest rate, but it did carve out a fresh $20 million reserve dedicated to leasing costs and capital improvements at the properties. For a sponsor working a maturity wall, that is the shape of a workable deal now: term relief in exchange for a funded reserve that keeps the properties leasable, not a forced write-down.

The numbers

The loan, held through the BXHPP Trust 2021-Film commercial mortgage pass-through certificates, moves to a new maturity of November 9, 2027, a roughly 15-month extension from its original date. Hudson Pacific owns 51% of the venture and Blackstone owns 49%, putting HPP’s share of the debt at roughly $566 million. The collateral, known as the Hollywood Media Portfolio, spans three studio lots, Sunset Gower, Sunset Las Palmas and Sunset Bronson, plus five office buildings, and Bisnow reported studio leasing at 95.5% with Netflix among the tenants.

What’s next

Hudson Pacific CFO Harout Diramerian said the extension “underscores our ability to execute a positive outcome for shareholders.” The company now has until late 2027 to either refinance the portfolio outright or stabilize occupancy enough to attract a permanent lender at maturity. For national developers watching how special servicers resolve large office loans, this deal is a marker for the terms on offer: extend and fund a reserve, rather than force a sale.