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$2B Acquisition Continues Arden Expansion

LOS ANGELES-The company acquires 106 former CarrAmerica office buildings totaling 5.9 million sf from the Blackstone Group.

By Bob Howard and Brian Miller | Updated on June 18, 2007

LOS ANGELES-Arden Realty has acquired a portfolio of 38 former CarrAmerica office properties totaling 106 buildings and 5.9 million sf from the Blackstone Group, continuing an expansion into markets outside of Southern California that the West Los Angeles-based company began after it was acquired by GE Real Estate in May 2006. Neither buyer nor seller disclosed terms of the deal, but local industry sources tell GlobeSt.com the price is on the plus side of $2 billion.

The transaction, which is Arden’s largest acquisition since it was acquired by GE, will give the company title to new assets in San Diego, Orange County, San Francisco, Seattle, Portland, OR and Salt Lake City in a deal expected to close in early August. Arden president and CEO Joaquin de Monet tells GlobeSt.com that when the Blackstone transaction and other deals that Arden has in the works are closed, the company will own 2.2 million sf more space than it did when GE took over and will oversee holdings that are “very broad in terms of our footprint” compared with what previously was strictly a Southern California portfolio.

The Arden chief adds that the deal reflects two important components of the company’s strategy: its commitment to its core markets and the blueprint for new target markets throughout the West Coast. “It reinforces our commitment to our local core markets where we’ve been and operated for years, and it’s an opportunity for us to gain critical mass and scale in our new markets,” de Monet tells GlobeSt.com.

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