Home Commercial Blackstone Buys 20 Eastside Properties for $208MM

Blackstone Buys 20 Eastside Properties for $208MM

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Blackstone is the reported buyer of a portfolio of office buildings across the Eastside area, mainly in Redmond and Bothell. The purchase follows an announcement earlier this year by Blackstone and Wells Fargo that a Blackstone fund had agreed to acquire a portfolio of properties from GE Capital Real Estate for a total of around $23 billion globally, and $3.3 billion across the Puget Sound region, as well as in Southern California and in Chicago.

The Eastside portfolio of assets totals around 2.3 million square feet across 37 buildings, however, only 20 properties of those have been sold last week. The properties are home to various tenants including State Farm and T-Mobile. According to sources who follow the market, Redmond has seen resurgence in interest over the last eighteen months.

The properties are located in the following business parks: Willow Creek Corporate Center, Willows Commerce Park, Redmond East, Canyon Park Commons, Canyon Point, Canyon Park East, the Plaza East and North buildings, and the Canyon Park Office Center.

CBRE, a commercial real estate company, will take over the management of the assets.