Funds managed by Blackstone Real Estate have agreed to acquire The Sandcrawler, a class A business park in Singapore, for S$176 million ($133 million) from Lucas Real Estate.
Inspired by the iconic Sandcrawler fortresses in the Star Wars series, the building sits within Singapore’s largest business park One-North. The Sandcrawler houses global corporations in the technology and media sectors, including Lucasfilm and Disney, as well as Singapore’s Government Technology Agency (GovTech). Other tenants of One-North include Grab, Apple and HBO.
Alan Miyasaki, head of real estate Asia acquisitions, said: “We are excited to make this investment in Singapore under Blackstone Real Estate’s Core+ strategy and expand our Southeast Asia footprint. The acquisition of this iconic building is part of our continued commitment to investing in high-quality office spaces that cater to tenants in growing sectors. In Singapore, we see ongoing demand for business parks that offer a
