Blackstone Group LP has agreed to sell several Boston office properties to a real estate investment consortium led by Oxford Properties Group for approximately $2.1 billion, a person familiar with the matter said on Sunday. The deal is the biggest divestment of U.S. offices by Blackstone since the financial crisis and underscores the gradual recovery of that market. U.S. office prices increased 6.2 percent in the 12 months to March 2014 as office employment growth continued to outpace the wider job market and construction levels remained low, according to real estate information provider CoStar Group.The source declined to be identified on Sunday because the deal is not yet public. Blackstone and Oxford Properties Group declined to comment.An additional Boston holding, the office and hotel property Rowes Wharf, was said to be in the process of a sale to Blackstone's existing partner in the property, Morgan Stanley , according to a report by the Wall Street Journal on Sunday.The buildings are part of the portfolio Blackstone took over in its $39 billion acquisition of Sam Zell's Equity Office Properties in 2007.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.45% or $0.13/share to $29.20. In the past year, the shares have traded as low as $19.15 and as high as $35.39. On average, 5921400 shares of BX exchange hands on a given day and today's volume is recorded at 3420135.
CoStar Group, Inc. (CoStar), is a provider of information, analytics and marketing services to the commercial real estate industry in the United States and United Kingdom. Shares of CSGP traded higher by 1.0% or $1.52/share to $153.94. In the past year, the shares have traded as low as $110.26 and as high as $218.17. On average, 269760 shares of CSGP exchange hands on a given day and today's volume is recorded at 113108.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.24% or $0.37/share to $30.14. In the past year, the shares have traded as low as $23.83 and as high as $33.52. On average, 12791700 shares of MS exchange hands on a given day and today's volume is recorded at 18005348.
Source
