search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom
Commercial
Los Angeles

Blackstone sells 15-acre office park in Monterey Park

The private equity giant had acquired the property as part of GE Capital portfolio acquisition

1977 Saturn Street
1977 Saturn Street

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.

Sign Up for the undefined Newsletter

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.

Tags
BlackstoneCommercial Real Estate