JMB buying back Blackstone’s stake in SunAmerica: sources

Investor to take full control of office tower it developed in 1989

TRD LOS ANGELES /
Mar.March 30, 2017 06:09 PM

JMB Realty Corp. is buying back Blackstone Group’s stake in SunAmerica Center, The Real Deal has learned. The deal, were it to close, would give the Chicago-based investor full control of the Century City office tower it developed nearly three decades ago at 1999 Avenue of the Stars.

In 1999, JMB had sold a two-thirds stake in SunAmerica to Equity Office Properties Trust — which was acquired by Blackstone in a $36 billion leveraged buyout in 2007 —  for approximately $72.4 million in 1999, EOP filings show. Equity took over management and leasing at the property.

JMB, which has an L.A. operation headed by Sarah Shaw, is now buying back that stake, according to sources familiar with the transaction.

Eastdil Secured is brokering the deal. Representatives for the firm couldn’t be reached for comment. Representatives for Blackstone declined to comment.

Tenants at the 39-story, 825,200-square-foot tower include law firm O’Melveny & Myers, Bloomberg and Wells Fargo, CoStar shows.


Related Articles

arrow_forward_ios
An illustration of Jon Gray and Victor Coleman

Blackstone nears $1.4B deal with HPP to build out production studios

Blackstone nears $1.4B deal with HPP to build out production studios
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Blackstone-owned Homewood Suites by SF airport (Credit: Hilton and iStock)

Blackstone sues over scotched $265M hotel deal

Blackstone sues over scotched $265M hotel deal
The building at 8201 Woodley Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps)

Blackstone pays $83M for pair of industrial properties in Van Nuys

Blackstone pays $83M for pair of industrial properties in Van Nuys
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
Long Beach area and San Fernando Valley attract biggest industrial sales in 2019

Here are LA County’s biggest industrial sales of 2019

Here are LA County’s biggest industrial sales of 2019
Hollywood & Highland

Here are LA County’s biggest retail sales of 2019

Here are LA County’s biggest retail sales of 2019
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...