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The Real Deal Los Angeles

Blackstone lists two Glendale office properties as a package deal

Neighboring buildings total 414K sf and are 85 percent leased
August 23, 2017 08:00AM

Blackstone properties at 801 N. Brand Avenue and 700 N. Central Boulevard (Google Maps)

Blackstone Group is continuing its selling spree. This time, the company is offering a two-for-one deal, seeking a single buyer for two of its Glendale office properties.

The neighboring buildings, at 801 N. Brand Boulevard and 700 N. Central Avenue, are expected to trade for $124 million, or $300 per square foot, unidentified sources told REAlert.

The buildings total 414,000 square feet and are 85 percent leased, REAlert reported. 

The 13-story building at 801 N. Brand is 283,000 square feet. Its tenants include New York Life, Americas United Bank and Search Agency.

The second offering at 700 N. Central is an eight-story, 131,000-square-foot building with tenants that include Fuse Media, Gamblit Gaming and California Public Employment Relations Board, according to REAlert.

The package was part of a portfolio owned by Maguire Properties that fell into receivers’ hands during the economic downturn. Blackstone’s Equity Office arm scooped up the buildings in 2012, paying special servicer LNR $73.2 million, or $177 per square foot. [REAlert] — Subrina Hudson