Blackstone to buy stake in six buildings

Seattle

BLACKSTONE Group LP agreed to buy a roughly 50 per cent stake in six New York-area office properties from RXR Realty, its largest acquisition yet in an expansion towards purchasing stable, well-leased real estate.

RXR plans to sell Blackstone part ownership in the 5.3 million-square-foot portfolio, valued at US$4 billion, the companies said in a statement on Wednesday. The deal involves Man-hattan's Starrett-Lehigh building; 1330, 620 and 1166 Avenue of the Americas; 340 Madison Ave; and University Square Campus near Princeton, New Jersey.