Blackstone's core-plus fund to buy 800 Fifth Avenue in Seattle for $540m
Blackstone is buying 800th Fifth Avenue in Seattle for $540m (€475m) on behalf of its US core-plus real estate fund.
The 934,000sqft office property is being sold by JP Morgan Asset Management and Hines, according to sources familier with the transaction.
The acquisition by the $29.8bn open-ended Blackstone Property Partners fund is expected to be completed by early 2019.
JP Morgan is the majority owner and Hines is the operating partner. The two parties completed a $46m renovation last year.
The property is mostly made up of office space, with 17,000sqft of retail space and a parking facility that has room for 612 cars.
Blackstone, JP Morgan and Hines all declined a request for comment.