Blackstone acquires 80% stake in D.C. office building
The Blackstone Group has paid $288.1 million for an 80 percent stake in Metropolitan Square, a 607,041-square-foot class A office building in Washington, D.C.
Blackstone acquired the New York Common Retirement Fund’s 49 percent stake in the property, and an approximately 30 percent stake from Boston Properties, which has retained a 20 percent stake.Prior to the sale, Boston Properties owned 51 percent of the property while New York Common owned 49 percent.
The purchase was made through Blackstone Real Estate Partners VIII, which closed in 2015 with $15.8 billion of investor commitments.
The Washington, D.C., office market saw weakened fundamentals during the third quarter, according to CBRE’s third quarter 2016 MarketView: Washington D.C. officereport. However, there were a few