Blackstone is set to buy 16 office buildings in a deal that would value the properties at about $800 million, cementing the group’s status as one of the most aggressive buyers of commercial real estate.
Some of the nation’s largest pension funds are starting to back away from trophy properties in the most expensive real-estate markets over concerns a new bubble is inflating.
Pittsburgh, once written off as a dying steel town, has turned into one of the most resilient office-rental markets in the U.S., prompting a flurry of building sales as some longtime owners take profits.
The use of a receivership probably is the most significant change from other down turns experienced by me in the last 25+ years of commercial real est.
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Wells Real Estate Investment Trust II, an untraded REIT, has agreed to pay approximately $615 million for a Washington, D.C., office complex in the latest sign investors are willing to pay peak-era prices for the most sought-after commercial property.