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Blackstone Looking to Offload Four LA Towers for $1B


Blackstone has put four LA office properties on the market, as it continues to shed assets from its 2007 buyout of Equity Office. The towers total about 1.7M SF of prime space in LA, and the nation's largest real estate private equity firm has brought in Eastdil Secured to handle marketing the portfolio, which could fetch more than $1B. Three of the Blackstone assets are on Wilshire Boulevard (10940 Wilshire seen here) and the fourth is in Westwood. Blackstone should finish selling off most of the Equity Office assets by the end of this year, with some likely to be sold next year. And while Blackstone is usually buying up real estate, it's also been shedding lately, as this follows a report last month it agreed to sell two Boston office buildings to JP Morgan and Oxford Properties for about $1.3B. [Bloomberg]