Blackstone to sell L.A. office
The Blackstone Group has made a deal to sell 233 Wilshire Blvd., a 128,935-square-foot office property in downtown Santa Monica, Calif. An official statement has not been released; however, media outlets are estimating the sales price to be $139.5 million, or about $1,082 per square foot. The Los Angeles–area property is being sold to Douglas Emmett, a Santa Monica–based REIT.
The property is 91 percent occupied, but half the leases to be renewed by 2019. The property in-place rents are currently 22 percent below market rate.
According to Global Investment Managers 2016, an annual survey and report produced by Property Funds Research and Institutional Real Estate, Inc.,Blackstone