A venture of two real-estate firms has agreed to pay more than $1.8 billion for the historic CBS Studio Center in Los Angeles, say people familiar with the matter, the latest deal in the red-hot studio sector.

Hackman Capital Partners and Square Mile Capital Management LLC had the winning bid, beating out about a dozen or so other parties, these people said. The price tag was also about $500 million more than what the studio was projected to fetch three months ago when it was put up for sale, according to these people.

The two sides are expected to sign a contract soon, these people said, and the deal isn’t yet final.