Boston Properties Makes Its First Foray Into SoCal, Buying Office Complex From Blackstone
Blackstone is selling a 50% stake in an LA-area office complex to Boston Properties for $500M, in what may be a prelude to a possible upcoming $12.3B industrial sale.
The deal marks Boston Properties’ first foray into Southern California real estate, says a person with knowledge of the matter, The Real Deal reports. The office complex in question is the Colorado center in Santa Monica—a six-building center in the Silicon Beach area that’s a favorite of tech companies.
The transaction will be the most expensive commercial property sale in LA County this year, with Boston Properties paying more than $900/SF for the 1.1M SF campus. [TRD]