Blackstone to acquire Alban Gate for $500m

The Blackstone Group has agreed to buy Alban Gate, a London office property, for approximately $500 million, or $1, 309 per square foot. The seller was Carlyle European Real Estate Partners III, a $3.4 billion opportunistic fund managed by The Carlyle Group, which acquired the asset in 2010 for $404.6 million. It was part of a £671 million ($1.12 billion) acquisition of the White Tower portfolio, a collection of London assets formerly owned by Simon Halabi.

Alban Gate, an 18-story office building at 125 London Wall, is located in the City of London submarket. It is 100 percent leased to JP Morgan.

Blackstone has been active recently in the London office sector, completing the sale of Chiswick Park to China Investment Corp. for $1.3 billion in December. Blackstone’s also sold its 50 percen