Blackstone Said to Buy San Francisco Offices for $165 Million
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Blackstone Group LP, the second-biggest U.S. office landlord, agreed to buy a 25-story building in downtown San Francisco for $165 million in a bet it can improve occupancy as rents rise, according to two people with knowledge of the transaction.
Blackstone is buying the office tower at 100 Montgomery St. from a joint venture of Houston-based Hines and Sterling American Property Inc., based in Great Neck, New York, said the people, who asked not to be identified because the information is private.