- Price for properties likely to exceed $1 billion, person says
- Buildings are all in the prime Westwood commercial district
Blackstone Group LP is putting four office towers in Los Angeles on the market as part of its effort to sell the remaining assets from its 2007 takeover of Equity Office Properties Trust, according to a person with knowledge of the plan.
The firm hired brokerage Eastdil Secured to sell the towers, which total 1.7 million square feet (158,000 square meters), said the person, who asked not to be identified because the information is private. Marketing will begin this week, and the price for the buildings is likely to exceed $1 billion, the person said.
Peter Rose, a spokesman for New York-based Blackstone, declined to comment, and Martha Wallau, a spokeswoman for Eastdil, didn’t respond to requests for comment.
Three of the office towers are on Wilshire Boulevard, at 10880, 10940 and 10960 Wilshire, in the Westwood commercial district near the campus of University of California, Los Angeles, said the person with knowledge of the plans. The fourth building, known as Westwood Center, is at 1100 Glendon Ave.
Real estate investment trusts, sovereign wealth funds and institutional funds that buy high-quality, stable office properties are likely buyers for the towers, the person said.
Blackstone expects to have finished selling most of the Equity Office assets by the end of this year, with the remainder likely to be sold in 2016, according to the person. The company last month agreed to sell two office buildings in Boston for about $1.3 billion to a unit of JPMorgan Chase & Co. and Oxford Properties Group, two people familiar with the deal said at the time.