Transactions - MARCH 24, 2015

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Blackstone’s core-plus fund invests in London

by Andrea Waitrovich

A couple of weeks after The Blackstone Group agreed to purchase Chicago’s Willis Tower for $1.3 billion, the firm has agreed to acquire another prime office building — this one in London.

Real estate funds managed by Blackstone have exchanged contracts to purchase a 95 percent stake in London’s Times Square from Land Securities for £268.4 million ($399.06 million). The seller was Land Securities. Completion will be at the end of July.

The 380,000 square-foot office building at 160-162 Queen Victoria St. is fully let to six office tenants, including Bank of New York Mellon and law firm Dechert, until 2023.

It marks the firm’s fourth investment in London as part of Blackstone Property Partners’ core-plus strategy, following the firm’s recent ac

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