Transactions - JULY 3, 2014

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Blackstone buys assets on three continents

by Andrea Waitrovich

The Blackstone Group has continued its high-priced spending. This week the firm has completed several acquisitions in three separate transactions on three continents.

In New York City, the firm has reportedly become the owner of the 615,850-square-foot Park Avenue Tower in midtown Manhattan. Blackstone paid approximately $750 million. The seller was Shorenstein Properties, which purchased the 36-story tower in 2008 for approximately $665 million.

Across the Atlantic, Blackstone’s European logistics platform, Logicor, signed an agreement with SEB Asset Management. The firm has acquired 18 logistics properties in eight countries, totaling 4.7 million square feet for €275 million ($376 million).

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