The deal includes LA's one-million-sf Wilshire Courtyard and the 570,000-sf South Coast Metro Center in Orange County. The third property is the 733,000-sf China Basin Landing complex in San Francisco.
The unusual transaction finds McCarthy Cook & Co. on both the selling and buying end of the deal. The seller is a partnership of McCarthy Cook and Blackstone Real Estate Advisors. The buyer is a partnership of McCarthy Cook and the Paine Webber real estate investment fund.
"Blackstone provided the opportunity to McCarthy Cook & Co. to be both a buyer and a seller," Thomas E. McCarthy, co-president of McCarthy Cook, tells GlobeSt.com.
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