Blackstone Selling Four Office Towers for $1B
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Just a few months after putting four LA office towers on the market, it appears Blackstone has found a buyer.
Santa Monica-based Douglas Emmett, one of the West Coast's largest landlords, is in talks to buy the buildings, which Blackstone picked up as part of the Equity Office buyout in 2007.
Bisnow sources tell us Douglas Emmett has been eyeing the portfolio for years, with the REIT eager to pick up the Westside assets.
The towers total about 1.7M SF of prime space in LA, three of which are on Wilshire Boulevard (10940 Wilshire seen here) and the fourth is in Westwood.
The deal would be a major expansion for Douglas Emmett and represent one of the largest office sales on the West Coast in years, according to the Wall Street Journal.
Blackstone should finish selling off most of the Equity Office assets by year's end, 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 deal Blackstone made to sell two Boston office buildings to JP Morgan and Oxford Properties for about $1.3B. [WSJ]