By Craig Karmin

Blackstone Group Inc. is in advanced talks to form a venture with Hudson Pacific Properties Inc., the Los Angeles owner of film and television production facilities, in a partnership valued at more than $1.4 billion, according to a person familiar with the matter.

The venture would build out the existing studio facilities, this person said. Hudson Pacific owns three studio lots and 36 sound stages, which have been used by Netflix Inc. for original film and TV production.

While there is no deal yet, one could be reached within the week, this person said.

As one of the world's largest real estate owners, Blackstone in recent years as been lightening up on traditional commercial real estate such as hotels and retail centers in favor of properties geared toward evolving consumer habits, such as e-commerce through its focus on industrial warehouses. An agreement with Hudson Pacific would represent the New York-based investment firm's biggest content deal.

Blackstone President Jon Gray alluded to this emerging strategy during an April earnings call. "We've also been emphasizing deployment in faster growing sectors over the past several years, which are showing great resiliency in this environment," he said. "Key themes include logistics, life sciences, cloud migration and online content creation - all of which are holding up quite well and are expected to outperform."

Hudson Properties also owns office buildings on the West Coast and in Vancouver, Canada. The Commercial Observer previously reported news of the talks.

Write to Craig Karmin at craig.karmin@wsj.com