Blackstone sells 7-building office campus to private LA family

Sales price is in the ball park of $52M: sources
By Cathaleen Chen | December 05, 2016 04:00PM

Blackstone head of real estate Jonathan Gray and the Calabasas Tech Center

Blackstone head of real estate Jonathan Gray and the Calabasas Tech Center on Agoura Road

A Blackstone affiliate sold a seven-building office tech center in Calabasas last month for around $52 million, or about $160 per square foot, in an off-market deal, according to multiple sources.

The buyer is the Nasch family of Los Angeles. Dubbed the Calabasas Tech Center, the portfolio totals about 325,000 square feet, CoStar shows, and contains buildings between two and three stories.

The sales price is between $49 million and $55 million, according to a source familiar with the deal. Real Capital Analytics approximates the price to be $51.5 million, but the accuracy of that figure could not be confirmed.

The campus, situated on a 15-acre plot of land at 26565 to 26709 Agoura Road, is adjacent to the Summit shopping center.

The Nasch family owns several office properties throughout the city and has developed multiple apartment structures in the San Fernando Valley, said another source with knowledge of the transaction, who was not personally involved in the deal.

The Manhattan-based Blackstone certainly isn’t new to the region. In September, it acquired a $1.5 billion worth of logistics centers, most of which are located on the West Coast. The firm’s real estate fund alone now boasts $33.2 billion in dry powder, The Real Deal reported.