Office buildings in San Francisco continue to trade for fire sale prices, the latest a Showplace Square property that Blackstone has unloaded for about half of its purchase price.
An affiliate of Blackstone sold the 83K SF office building at 650 7th Street to SoCal firm LBA Realty for $25.4M, which translates to about $305 per SF. Blackstone purchased the building seven years ago for $50.5M, almost twice the amount it was sold for last month, the San Francisco Business Times reported.
"We continue to actively manage our portfolio to deliver the best possible investment outcomes based on evolving market conditions. Fortunately, US traditional office represents less than 2% of our owned portfolio," Blackstone said, in a statement provided to Globe St.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
