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JULY 29, 2013

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IN-DEPTH LOOK: CalPERS and CommonWealth Partners venture acquires 1888 Century Park East from Blackstone for $305 million

by Ross Dohrmann

A joint venture between the California Public Employees’ Retirement System (CalPERS) and CommonWealth Partners is under contract with The Blackstone Group to acquire 1888 Century Park East, a class A property in West Los Angeles.

THE DEAL

A venture between the $259 billion CalPERS and Los Angeles–based CommonWealth Partners has signed a contract with The Blackstone Group to purchase 1888 Century Park East, located in the Century City submarket of West Los Angeles. The 483,896-square-foot, class A property is being sold for $305 million, roughly $605 per square foot. Eastdil Secured represented Blackstone in the transaction. CalPERS has had a close partnership with CommonWealth Partner

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