Blackstone fund pays $540m for Seattle office

Blackstone Group has acquired 800 Fifth Avenue in Seattle for $540 million on behalf of its U.S. core-plus real estate fund, according to media outlets.

J.P. Morgan Asset Management, majority owner, and Hines, operating partner, are sellers of the 934,000-square-foot office property.

Blackstone Property Partners is an open-end fund with approximately $29.8 billion in investment value.