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Though creative office space gets all the headlines, Jade Enterprises has bought five traditional properties in LA.
The price and seller was not made public at first, but Blackstone reportedly sold the office portfolio for $158.8M, according to GlobeSt. The five properties total 350k SF.
They buildings are at 1950 Sawtelle Blvd, 11075 Santa Monica Blvd, 6167 Bristol Pkwy in Culver City, 350 South Beverly Dr in Beverly Hills and 2730 Wilshire Blvd in Santa Monica. The offices, which are 91% leased, have an average lease term of four years.
This, of course, comes after Blackstone sold off four LA towers to Douglas Emmett in November for about $1B. [GS]
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