by BoatSurfer600
In the face of rising headwinds in the office market, Blackstone has unloaded two 13-story buildings in Southern California at a big discount.
A joint venture between Barker Pacific Group (BPG) and Kingsbarn Realty Capital paid $82 million, or $146 per square foot, for the Griffin Towers office park with 560,000 square feet of Class A office space in Santa Ana, Calif., in Orange County. That’s 36 percent less than the price Blackstone paid to acquire the site nine years ago.
https://commercialobserver.com/2023/04/california-blackstone-office-loss-sale-price-cut/