Two L.A. office properties sell for $830m
In separate deals, two office properties in the Los Angeles metro area were sold for a total of $830 million.
The larger of the two properties is the Colorado Center in Santa Monica, Calif. The Blackstone Group sold a 50 percent partial interest in the building to Boston Properties for an estimated sales price of $500 million. TIAA-CREF will continue to hold the other 50 percent stake.
The 1.15 million-square-foot office property, spanning across six buildings, is 65 percent occupied. Major tenants include Rubin Postaer & Associates, Hulu, and HBO.
The other office transaction is 400 South Hope St., located 14 miles inland in Downtown Los Angeles. Germany-based GLL Real Estate Partners and Pittsburgh-based PNC Financial Services paid $330 million for the 701,294-square-foot office building. The 26-story asset is 89 percent occupied. The seller was CBRE Global Investors, which acquired the property in 2012 for $235 million. An official announcement