Roman Tiraspolsky
Blackstone’s (NYSE:BX) real estate unit acquired stakes in two office properties in Bellevue, Washington, that are leased to Meta Platforms (NASDAQ:META), according to a media report.
The New York-based asset manager has been looking for more office transactions, with a focus on new buildings that have strong tenant demand. In January, Blackstone (NYSE:BX) President Jon Gray aid the office market has “bottomed.”
The alternative assets manager is purchasing a 40% stake in each property; the two buildings have a combined value of $545M, Bloomberg News reported, citing a person familiar with the transaction’s details.
Shorenstein Investment Advisers sold the interest in the buildings known as Block 5 and 6 to funds affiliated with Blackstone Real Estate, Bloomberg said, citing a statement.
Office properties in Bellevue, which has tech giants such as Amazon.com (AMZN) and Salesforce (CRM) in the area, has fared better than Seattle’s downtown, which was particularly hard hit by the pandemic, Bloomberg added, citing data from CBRE Group.