Blackstone sells 15-acre office park in Monterey Park
The private equity giant had acquired the property as part of GE Capital portfolio acquisition
Blackstone has sold a 15-acre office park in Monterey Park less than three years after acquiring it.
The buyer is an entity called “OneLegacy,” which bought the 203,000-square-foot complex for $39 million, according to Real Capital Analytics. The sale comes out to $189 per square foot.
Blackstone had purchased the property at 1977 Saturn Street for $25 million in 2015 from GE Capital as part a buyout of a 171-property portfolio. The two-story office was built in 1979.
Blackstone has sold off many of its Los Angeles-area properties in recent years, but has added some assets, too.
Its real estate division is reportedly in talks to make a massive purchase of properties from the troubled Chinese insurer Anbang, which Chinese government regulators took control of in February. Blackstone has sold over $9.5 billion worth of properties to Anbang over the years.