NEW YORK (Reuters) - Blackstone Group LP (BX.N), which completed its purchase of Equity Office earlier this year, has sold so much of its office property portfolio in recent months that it has covered some 70 percent of the deal’s $39 billion price tag, according to The Wall Street Journal.
Blackstone — riding a booming U.S. commercial real-estate market — has shed at least 62 million square feet out of about 102 million square feet of office space once held by Equity Office, the Journal said, citing a report by Real Capital Analytics. It sold several properties at record prices, it added.
Blackstone completed its $23 billion acquisition of office landlord Equity Office Property Trust in February. Including debt, the deal was valued at $39 billion, making it the biggest leveraged buyout in history.
A Blackstone spokesman was not immediately available for comment.