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Wednesday, 26 September 2012

Blackstone Seen Partnering with SL Green in Cabi Portfolio Deal

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Commercial Real Estate Direct Staff Report

The buzz is that Blackstone Group is partnering with SL Green Realty Corp. in the takeover of the Cabi portfolio of 4.5 million square feet of Southern California office space.

Blackstone, through its Equity Office affiliate, also is said to be in the market for property managers for the portfolio, which SL Green took from a venture led by Hines Interests, and assumed the portfolio's debt.

The portfolio's previous owner, Cabi Developers, had acquired it in 2007 from GE Real Estate for about $1.65 billion and financed it with some $1.5 billion of debt. GE had picked up the portfolio through its acquisition of Arden Realty...

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Additional Info

  • Syndicate to Realpoint: No
  • States: California
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Company: BNP Residential Properties Inc., Saul Centers, Inc.
  • Private: Yes
Read 735 times Last modified on Wednesday, 03 October 2012
Dan Moynihan

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