Blackstone in talks to sell four LA towers to Douglas Emmett for $1B-plus
Real estate giant the Blackstone Group is negotiating to sell four Los Angeles office towers to local landlord Douglas Emmett Inc. for more than $1 billion.
If the deal closes, it would be one of the largest office sales in Los Angeles in recent years, according to the Wall Street Journal, which first broke the news.
The four buildings, which comprise a total of 1.7 million square feet, are located at 10880, 10940 and 10960 Wilshire Boulevard near the University of California Los Angeles campus and at 1100 Glendon Avenue. They’re slated to produce about $51 million in income this year, with tenants including UCLA and CBS, according to listing broker Eastdil Secured.
The buildings are among the remaining assets from Blackstone pre-recession buying spree in 2007 and 2008. [WSJ] – Katherine Clarke