What Blackstone Group Has Bought And Sold In 2016
Blackstone Group, the world's largest asset manager, topped $100B in real estate assets in 2016. Though the firm has picked up a lot of commercial property this year, it's also been on a selling spree of late, including the sale of its Strategic Hotels & Resorts portfolio to Chinese insurer Anbang for $6.5B. Take a look at some of the firm's biggest 2016 deals in Bisnow's archives.
Date: February 2016
Buyer: Douglas Emmett
Price: $1.34B
Size: 1.72M SF
Douglas Emmett — one of the West Coast's largest office landlords — grabbed the four towers totaling 1.7M SF for $1.3B, or roughly $779/SF. The properties had been on the market since September, according to CoStar, and Blackstone picked them up in its buyout of Equity Office Properties Trust in 2007.
Date: January 2016
Seller: BioMed Realty Trust
Price: $8B
Size: 18.9M SF
In a surprising turn of events, Blackstone closed this deal following the firm's disappointing Q4 results in which earnings fell 70%. Blackstone spent $23.75 a share for BioMed, with holdings in key markets like Boston, San Francisco, Seattle and San Diego.
Date: March 2016
Buyer: Anbang Insurance Group
Price: $6.5B
Size: 16 properties
After pulling out of its $13.6B Starwood Hotels & Resorts merger earlier this year, Anbang plopped down a whopping $6.5B for Blackstone's 16 Strategic Hotels & Resorts properties.
Date: May 2016
Seller: RioCan REIT
Price: $1.9B
Size: 49 US retail properties
The REIT sold its US retail portfolio to Blackstone after a brief delay for RioCan to get approval from various third-party lenders. Most of the 49 properties are in the northern US and Texas.
Date: June 2016
Buyer: Hudson Pacific Properties
Price: $311M
Size: 500k SF
In a series of LA office building selloffs, Blackstone flipped this West LA tower for roughly $621/SF after purchasing it more than a decade ago for $163.8M.
Date: July 2016
Buyer: Ventas Inc
Price: $1.5B
Size: 23 properties
The portfolio, mostly consisting of life science and medical properties, marked Ventas' entry into university-affiliated real estate. Ventas is the second-largest US healthcare REIT in terms of market value, and owns 1,300 properties in the US.
Date: August 2016
Buyer: Zeller Realty
Price: $125M
Size: 515k SF
Zeller announced plans to acquire this three-building office complex from Blackstone in August, marking the biggest suburban office deal in Chicago this year. At that time, the complex was 95% occupied.
Date: August 2016
Seller: Alecta
Price: $1.8B
Size: 22 properties
Blackstone beat out Goldman Sachs for Swedish pension manager Alecta's US portfolio. The 22 properties are mostly retail and office buildings including Lakeshore Plaza, a shopping center in S.F.'s Sunset District.
Date: September 2016
Seller: LBA Realty
Price: $1.5B
Size: 12M SF
This was Blackstone's largest US distribution acquisition since it left the logistics business after selling IndCor Properties for $8.1B. The majority of the facilities are on the West Coast, as is Irvine-based LBA Realty.
Date: October 2016
Buyer: HNA Group
Price: $6.5B
Size: Full portfolio
For a 25% stake in Blackstone's Hilton Worldwide, the Chinese conglomerate forked over $26.25 a share, causing the world's second-largest hotel operator's interest in Hilton to fall to roughly 21%.
