ition. In fact, the gossip persisted for years, with industry insiders claiming the firm was holding out for the perfect opportunity.
Now, it appears that Boston has found just the trophy property it was looking for in sunny Santa Monica.
The firm is in contract to buy Blackstone Group’s 50 percent stake in the six-building Colorado Center office complex for more than $500 million, according to sources with knowledge of the deal. It is the priciest single-property commercial sale to go down in L.A. County this year.
Boston is shelling out more than $900 a square foot to Blackstone for half of the 1.1-million-square-foot campus at 2401-2501 Colorado Boulevard and 2400-2500 Broadway. The other half belongs to financial giant TIAA.
Sources told The Real Deal that Boston will manage and lease the property, which is roughly 75 percent occupied by tenants that include coveted tech company Hulu and Edmunds, according to CoStar. One of the buildings in the complex is fully vacant.
Average asking rent at the Center is $48 a square foot a year, or $4 a square foot month, according to CoStar. New leases are likely to bring rates higher than that average, which is below the going rate in Silicon Beach. The average asking rent for office space in Santa Monica was $5.12 a square foot a month in the first quarter, according to a report by Transwestern.
Blackstone cashed out more than any other seller of a single L.A. office property this year. Invesco just sold the Apollo at Rosecrans for $328 million after buying Runway Playa Vista earlier in the year for $475 million.
The only price tag to top the Colorado Center this year was for a multi-property deal sold by none other than Blackstone. Douglas Emmett and Qatar Investment Authority’s spent $1.3 billion to acquire Blackstone’s six-building Westwood office portfolio in February. It amounted to roughly $777 a square foot.
Blackstone purchased its stake in Colorado Center as part of a $39.2 billion portfolio sale in 2007. It acquired the 15-acre property, which encompasses an entire city block, from Equity Office.
Chris Houge, Tyler Jammet and Peter Best of LA Realty Partners are leasing brokers on the site, along w上海千花网交友