Blackstone looks to sell Miracle Mile office

445K-sf building last traded for $137M

Jun.June 19, 2017 01:30 PM
5670 Wilshire Boulevard (Credit: Loopnet)

Blackstone is shopping its 27-story office building on Wilshire Boulevard in the Miracle Mile. The real estate giant has listed the tower with Eastdil Secured, marketing materials obtained by The Real Deal show.

Blackstone and its then-partner Brookfield Office Properties bought the Class A property at 5670 Wilshire for $137 million as part of the buyout of Trizec in 2006, Real Capital Analytics shows.

Eastdil’s brokers declined to comment on the price Blackstone is now seeking. The advisory team on the deal includes Eastdil’s CEO, Roy March, himself, as well as Michael Kathrein, Steve Silk, Jay Borzi, Adam Edwards, Stephen Somer and Daniel Cichocki, the marketing materials show.

The tower, built in 1964, spans 445,000 square feet. It’s 92 percent leased and is among the tallest in the Miracle Mile district, according to marketing materials. Its biggest tenant is CBS, which occupies 14 percent of the entire floor space. Coworking firm Regus is also a tenant; it leases the entire 18th floor.

In addition to the office spaces, the building includes five penthouse residential units.

Blackstone has been on a selling spree as of late, trading five properties in the last six months for a total of more than $1 billion. 

Just down the block at 5900 Wilshire Boulevard, AXA Group bought the Peoples Bank Building from Ratkovich in April for $245 million, or $541 per square foot, according to RCA. If 5670 Wilshire were to sell for a similar price per square foot, it would trade for about $240 million.

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