Blackstone has taken a big hit to offload two 13-story office buildings in Santa Ana, CA, selling the 560K SF Griffin Towers office park to a joint venture of Barker Pacific Group (BPG) and Kingsbarn Realty Capital for $82M—36% less than the CRE giant paid for the Class A property in 2014.

Blackstone bought the Griffin Towers campus from Angelo Gordon and Lincoln Property Co. for $129M. The towers, located at 6 Hutton Centre Drive in Santa Ana, were built in 1987. The property, in proximity to John Wayne Airport near the 55 and 406 freeways, includes a fitness center and a six-story parking facility.

According to Newmark's Q1 office market report for Orange County, the county's vacancy rate hit 17.7% in the first quarter, the highest level since 2012.; Class A vacancy hit 22.8% in Q1, Newmark's report said.