Search
 

Blackstone To Put 100 Buildings on the Sales Block

NEW YORK CITY-The private equity giant is shedding its national portfolio of class A buildings worth approximately $22 billion, according to unnamed sources in the Wall Street Journal.

By Jacqueline Hlavenka | Updated on July 11, 2012

NEW YORK CITY-One of the world’s biggest office buyers may be switching to ‘seller’ by year’s end. Private equity behemoth the Blackstone Group LP is planning to dispose of 100 US office properties totaling 50 million square feet, which sources value as high as $22 billion, according to a report in the Wall Street Journal. 

The WSJ says impetus behind the sale is to return money to investors in funds that liquidate after seven to 10 years. Blackstone built up its portfolio before the downturn in 2006 and 2007, including its buyout of the Equity Office Properties portfolio for $39 billion, which quickly sold for around $36 billion. The paper said if the company sells its remaining properties in Northern California, Boston, New York and Los Angeles for $20 billion, it can bring in an extra $8 billion more than it originally paid.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.