Blackstone Group closes on three pricey office sales in LA

From TRD Los Angeles: Spring cleaning at the Blackstone Group means a massive payday.

The firm just closed on a two-building portfolio to a joint venture between Douglas Emmett and the Qatar Investment Authority for $352.8 million, CoStar data show. One of the properties, the 205,700-square-foot Wilshire Palisades building at 1299 Ocean Avenue, traded for north of $1,300 per square foot, sources said, breaking the price-per-foot record in Santa Monica that was held by Oracle’s purchase of 2700 Colorado late last year.