Blackstone sells Westbrook Corporate Center for reported $132M

Group RMC acquired the massive suburban office complex

Westbrook Corporate Center (Credit: Regus)
Westbrook Corporate Center (Credit: Regus)

Blackstone Group has agreed to sell the 1.1 million-square-foot Westbrook Corporate Center to real estate investor Group RMC.

The deal was worth a reported $132 million, sources told Crain’s, which first reported the sale.

This is Blackstone’s third sale of a suburban office complex since December, and comes on the heels of the $1.3 billion loan it is taking on the Willis Tower.

The private equity giant bought the Westbrook complex in suburban Westchester as part of a $3.3 billion portfolio acquisition from GE Capital Real Estate in 2015. Built in 1986, the complex is 82 percent leased, according to Real Capital Analytics.

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Blackstone recently sold One Parkway North in Deerfield — another property from the GE portfolio — for $47 million, according to Crain’s. In December, it sold the Central Park of Lisle complex for $129 million.

A source told Crain’s that Blackstone is looking to sell the 700,000-square-foot Executive Towers West complex in Downers Grove, which it bought as part of a $1 billion portfolio acquisition in 2011 from Duke Realty.

New York-based Group RMC, led by real estate investor Raymond Massa, paid $32 million in February for the 11-building Oak Creek Center office portfolio in Lombard, according to RCA. Earlier this year, the company bought the 121,000-square-foot office building at 601 Oakmont Lane in Westmont for $12 million, property records show. [Crain’s] — John O’Brien