Blackstone looking to shed U.S. office building portfolio - WSJ

July 10 Tue Jul 10, 2012 3:37pm EDT

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July 10 (Reuters) - Private-equity firm Blackstone Group LP is preparing to sell its U.S. office buildings portfolio, The Wall Street Journal reported on Tuesday.

Blackstone is also considering listing it as a real estate investment trust, the journal said quoting real estate executives who have engaged in discussions with the firm.

The company's office portfolio, which comprises more than 100 buildings and about 50 million square feet of space, has been valued around $22 billion by analysts, the WSJ said.

The report said New York-based Blackstone has begun pruning the office portfolio and is readying it for a bulk sale that could come as early as next year.

Blackstone has to return money to investors in funds that typically liquidate after seven to 10 years, WSJ said.

A Blackstone spokesman was not immediately available for comment.

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