Transactions - JUNE 6, 2016

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Blackstone sells office tower in Los Angeles for $311m

by Andrea Waitrovich

The Blackstone Group has sold the 500,475-square-foot class A office tower located at 11601 Wilshire Blvd. in Los Angeles to Hudson Pacific Properties for $311 million. The acquisition is expected to close by July 31.

Owned by real estate funds managed by Blackstone, the currently 83 percent leased building has served as Hudson Pacific’s corporate headquarters since its July 2010 initial public offering.

The acquisition follows Blackstone’s sale of a 50 percent in the Colorado Center in Santa Monica, Calif., to Boston Properties for an estimated sales price of $500 million. TIAA will continue to hold the other 50 percent stake. And another recent Los Angeles office acquisition was the $330 million purchase of 400 South Hope St.

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