A Blackstone (BX +0.7%) partnership with Worthe Real Estate Group plans to build a new office tower near Burbank and Warner Bros. studio complexes in southern California, a project that would represent one of the largest U.S. office developments to proceed this year, the Wall Street Journal reports.

The group plans to build a 500K-square-foot office building near studios that produce such TV programs as "The Ellen DeGeneres Show" and "Days of Our Lives."

It also underscores the demand for content creation that's flourished during the pandemic. While film releases have been put on hold as movie theaters were closed then re-opened at reduced capacities, people have been boosting their use of streaming services and TV programs.

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