BOSTON — Blackstone Group LP (NYSE: BX) has agreed to sell two office buildings in Boston’s Back Bay area for approximately $1.3 billion. The properties at 500 Boylston St. and 222 Berkeley St. will be acquired by a unit of JPMorgan Chase & Co. and Oxford Properties Group, according to Bloomberg Business.
The properties reportedly attracted substantial interest from investors, including real estate investment trusts and sovereign-wealth funds.
500 Boylston St. is a 25-story, 706-862-square-foot building. Major tenants include Marshalls, MFS Investment Management, Newstar Financial, Talbots and Visnick & Caufield.
222 Berkley St. is a 22-story, 519,608-square building that shares a 1,000-car parking garage with 500 Boylston St. Tenants include, Bank of New York, HLM Management, Houghton Mifflin, Summit Partners and Regiment Capital.
Blackstone has been selling office assets to take advantage of fierce demand for prime properties in major coastal markets. In April, Blackstone sold 26 Northern California properties totaling 8.2 million square feet, along with two development parcels, to Hudson Pacific Properties Inc.
Blackstone’s sale of 500 Boylston St. and 222 Berkeley St. is expected to close in September.
Blackstone’s stock closed Thursday, Aug. 13 at $38.16 per share, up from $33.54 a share a year ago.