{"id":1004577953,"date":"2022-04-25T09:26:45","date_gmt":"2022-04-25T17:26:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004577953"},"modified":"2022-12-08T12:02:13","modified_gmt":"2022-12-08T20:02:13","slug":"blackstone-acquires-office-and-industrial-reit-for-7-6b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-acquires-office-and-industrial-reit-for-7-6b\/","title":{"rendered":"Blackstone to Buy Office and Industrial REIT for $7.6B"},"content":{"rendered":"
\"\"<\/a>

Image by Adrian Sulyok via Unsplash<\/p><\/div>\n

Affiliates of private equity giant Blackstone<\/strong> have agreed to acquire PS Business Parks<\/strong> (PSB) for $7.6 billion. The all-cash deal will see Blackstone acquiring PSB\u2019s 27 million-square-foot U.S. portfolio.<\/p>\n

The blockbuster deal, which comes less than a year after Blackstone acquired WPT Industrial REIT<\/a> for $3.2 billion, is expected to close in the third quarter of this year, according to the announcement. PSB\u2019s 96-property portfolio includes industrial, office and multifamily properties located mostly in California, Florida, Texas, and Northern Virginia.<\/p>\n

In prepared remarks, Blackstone Co-Head of Americas Acquisitions David Levine said his company is \u201cexcited\u201d to acquire PSB\u2019s portfolio and they \u201clook forward to leveraging our expertise to provide the best possible service and experience for PSB\u2019s customers.\u201d<\/p>\n

\n

READ ALSO: <\/strong>Designs, Amenities and Upgrades for the New Office<\/a><\/p>\n

\n

PSB, a REIT launched in 1986, is a subsidiary of Public Storage Management Inc. The company made its name acquiring, developing, owning and operating commercial real estate properties, most of which are industrial. According to the firm\u2019s website, 90 percent of PSB\u2019s portfolio is industrial and industrial-flex space, 79 percent of which is located in coastal markets.<\/p>\n

Notable properties within PSB\u2019s portfolio include Miami International Commerce Center, a 3.5 million-square-foot campus that includes industrial, office and flex space and is home to more than 350 companies in Doral, Fla.; and Hayward Business Park, a 1 million-square-foot industrial campus in California’s Bay Area. The facility encompasses 8 buildings of light industrial\/manufacturing and warehouse space with office.<\/p>\n

PSB President & CEO Stephen Wilson said in a statement that he is \u201cextremely proud\u201d of his firm\u2019s accomplishments.<\/p>\n

\u201cThis transaction is an exceptional outcome for our stockholders and a testament to the incredible company and portfolio of high-quality assets our team has built, acquired and enhanced over the years,\u201d said Wilson.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The blockbuster deal is expected to close in the third quarter of this year.<\/p>\n","protected":false},"author":745,"featured_media":1004544962,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,21747],"tags":[32892,34689],"class_list":["post-1004577953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-office","tag-blackstone","tag-wpt-industrial-real-estate-investment"],"acf":[],"yoast_head":"\nBlackstone to Buy Office and Industrial REIT for $7.6B<\/title>\n<meta name=\"description\" content=\"Blackstone has agreed to purchase PS Business Parks' 27 million-square-foot US real estate portfolio for $7.6 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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