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February 21, 2017 Comments Off on Blackstone Closes $1.7B U.S. Transaction Views: 1897 National News, Top National

Blackstone Closes $1.7B U.S. Transaction

Blackstone closed its deal with Swedish pension fund manager Alecta, paying $1.7 billion for 21 office, retail, multifamily and industrial assets in the United States. The Alecta portfolio also included 26 commercial real estate assets in the United Kingdom, which were acquired by Goldman Sachs in October 2016 for $375 million.

JLL’s Global Capital Markets represented seller Alecta, and also secured financing for Blackstone. The Royal Bank of Canada provided $700 million in financing to acquire the U.S. office, retail and industrial assets, while a government-sponsored enterprise provided a $93 million loan for the multifamily properties.

The U.S. portfolio totals three-million square feet, and includes product in gateway markets such as San Francisco, Washington D.C. and Chicago. Properties included Lakeshore Plaza on Sloat Road in San Francisco, 717 N. Michigan Ave. in Chicago, and 815 Connecticut Ave. N.W. in Washington, D.C. JLL’s Peter Nicoletti led the JLL team’s marketing efforts.

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