Cases & Deals

Blackstone Group sells downtown and suburban Chicago assets for $2.8 billion

Clients Blackstone Group, The

Jones Day represented The Blackstone Group in the $2.8 billion disposition of a portfolio of 22 office buildings in the Chicago area, formerly owned by Equity Office Properties, which was split between the downtown market and suburban market. An entity owned by GE Real Estate acquired all but one of the suburban assets of Blackstone's Chicago portfolio (consisting of nine properties, totaling 4.6 million square feet), while Tishman Speyer Properties LP acquired the downtown properties. The sale of the downtown portfolio is reportedly the largest real estate transaction (by dollar amount) in Chicago's history.