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The Real Deal Los Angeles

JMB buying back Blackstone’s stake in SunAmerica: sources

Investor to take full control of office tower it developed in 1989
By Hannah Miet | March 30, 2017 06:09PM

Sarah Shaw of JMB (Getty), and the SunAmerica Center at 1999 Avenue of the Stars (Equity Office)

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.