Blackstone is buying a London office asset from Land Securities for £268m (€368m).
The investment manager has exchanged contracts on the Times Square asset in the UK capital’s City district.
Land Securities said the deal to sell its 95% stake would close in July.
The company also invested £300m in the acquisition of Alban Gate from the Carlyle Group last April.
Anthony Myers, head of European real estate at Blackstone, said the property fit the company’s core-plus strategy “extremely well as a high-quality, well-leased asset in the centre of a global gateway city”.
Blackstone’s core-plus strategy is targeting major markets in Europe and the US, starting with the office sector.
In addition to London, the company is targeting Paris, Frankfurt, New York City, San Francisco and Washington DC.
The 380,000 sqft office building, in Queen Victoria Street, is fully let to six tenants, including Bank of New York Mellon and law firm Dechert, until 2023.
Colette O’Shea, managing director of the London portfolio at Land Securities, said: “We’ve recently carried out some lease re-gearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development programme.”