Blackstone Group LP (BX) is in talks to sell six prime office properties in the Boston area for about $2.5 billion as the buyout firm continues to dispose of assets from its 2007 takeover of Equity Office Properties Trust, said a person with knowledge of the negotiations.
The properties total about 3.6 million square feet (344,400 square meters) and are located mostly in downtown Boston, said the person, who asked not to be identified because the talks are private.
The assets include 225 Franklin St. and 1 Memorial Drive in nearby Cambridge, where Microsoft Corp. has its New England research and development center, the person said.
Blackstone, based in New York, is holding discussions with several potential buyers, including MetLife Inc. (MET), Singapore’s GIC Pte, Norges Bank Investment Management and Oxford Properties Group, the real estate unit of Ontario Municipal Employees Retirement System, the person said.
Peter Rose, a Blackstone spokesman, and Claire McIntyre, an Oxford Properties spokeswoman, declined to comment on the plans. John Calagna, a MetLife spokesman, and a spokeswoman for GIC didn’t immediately respond to requests for comment after regular business hours yesterday.
The Norges press office in Oslo also didn’t immediately respond to an e-mail sent after regular business hours.
San Francisco
Separately, Blackstone agreed to buy a 49 percent stake in a San Francisco office property, One Market Plaza, in the firm’s second acquisition in core and core-plus real estate, according to three people with knowledge of the investment.
Core real estate refers to high-quality, well-leased buildings in major markets that offer investors a stable return with low risk. The deal values the two-tower complex, near the city’s waterfront Embarcadero, at just more than $1.2 billion, the people said.
Paramount Group Inc. is selling the stake and will continue to own the rest of the property, the people said. Jolanta Bott, a spokeswoman for New York-based Paramount, didn’t immediately return a call after regular business hours yesterday.
Plans for the sale of the Boston offices and the San Francisco purchase were reported earlier by Real Estate Alert. Eastdil Secured LLC is brokering the sale of the Boston assets, said the person with knowledge of the plans.
In a separate transaction, Blackstone sold 28 State St., a 40-story building in Boston’s Financial District, to a joint venture of Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York.
The building has about 572,000 square feet of office space and 7,000 square feet of retail, Rockefeller said in a statement today. Terms weren’t disclosed.
bloomberg.com
The properties total about 3.6 million square feet (344,400 square meters) and are located mostly in downtown Boston, said the person, who asked not to be identified because the talks are private.
The assets include 225 Franklin St. and 1 Memorial Drive in nearby Cambridge, where Microsoft Corp. has its New England research and development center, the person said.
Blackstone, based in New York, is holding discussions with several potential buyers, including MetLife Inc. (MET), Singapore’s GIC Pte, Norges Bank Investment Management and Oxford Properties Group, the real estate unit of Ontario Municipal Employees Retirement System, the person said.
Peter Rose, a Blackstone spokesman, and Claire McIntyre, an Oxford Properties spokeswoman, declined to comment on the plans. John Calagna, a MetLife spokesman, and a spokeswoman for GIC didn’t immediately respond to requests for comment after regular business hours yesterday.
The Norges press office in Oslo also didn’t immediately respond to an e-mail sent after regular business hours.
San Francisco
Separately, Blackstone agreed to buy a 49 percent stake in a San Francisco office property, One Market Plaza, in the firm’s second acquisition in core and core-plus real estate, according to three people with knowledge of the investment.
Core real estate refers to high-quality, well-leased buildings in major markets that offer investors a stable return with low risk. The deal values the two-tower complex, near the city’s waterfront Embarcadero, at just more than $1.2 billion, the people said.
Paramount Group Inc. is selling the stake and will continue to own the rest of the property, the people said. Jolanta Bott, a spokeswoman for New York-based Paramount, didn’t immediately return a call after regular business hours yesterday.
Plans for the sale of the Boston offices and the San Francisco purchase were reported earlier by Real Estate Alert. Eastdil Secured LLC is brokering the sale of the Boston assets, said the person with knowledge of the plans.
In a separate transaction, Blackstone sold 28 State St., a 40-story building in Boston’s Financial District, to a joint venture of Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York.
The building has about 572,000 square feet of office space and 7,000 square feet of retail, Rockefeller said in a statement today. Terms weren’t disclosed.
bloomberg.com
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