Blackstone Inc.

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Bearish -50

Blackstone to sell Seattle office building for ~54% below purchase price - report

🏢 Blackstone Inc. (BX) is selling the U.S. Bank Center in Seattle to Spear Street Capital for approximately $280 million.

💸 The sale price represents a significant loss, being about 54% below the building's original purchase price of $612 million in 2019.

📅 The deal was reported by Bloomberg News on May 29, 2026, according to sources with knowledge of the transaction.

🏙️ Spear Street Capital is an office landlord acquiring the property from Blackstone.

📉 This transaction highlights a potential shift in Blackstone's real estate portfolio strategy or market conditions affecting commercial properties.

📰 The news was published on Seeking Alpha by Mary Christine Joy.

Bullish Signals
  • Blackstone (BX) has successfully identified a buyer, Spear Street Capital, for the U.S. Bank Center in Seattle, facilitating a strategic exit from the asset.
  • The transaction allows Blackstone to unlock approximately $280M in capital tied up in the property, providing liquidity for other investment opportunities.
  • Spear Street Capital's acquisition of the building demonstrates continued institutional demand for office assets, even at a discount to Blackstone's original cost.
  • This sale reflects Blackstone's active portfolio management and ability to adjust its real estate holdings in response to changing market conditions.
Risk Factors
  • Blackstone (BX) is selling the U.S. Bank Center in Seattle for approximately $280M, which represents a significant loss of about 54% from its original purchase price of $612M in 2019.
  • The steep discount on the sale suggests deteriorating demand for office real estate or structural issues with the asset that Blackstone could not resolve.
Full Analysis
Blackstone Inc. (BX) plans to sell the U.S. Bank Center office building in Seattle for approximately $280 million to Spear Street Capital, according to a report by Bloomberg. This transaction price represents roughly 54% below the amount Blackstone originally paid for the property when it purchased it in 2019 for $612 million. People familiar with the deal informed the news outlet about the pending sale. The building is a real estate asset held within Blackstone's portfolio, and the significant loss on cost suggests ongoing challenges in the commercial real estate market, particularly for office buildings. While the article primarily focuses on this specific asset liquidation event, it highlights the contrast between the acquisition price over a decade ago and the current valuation needed to execute the sale. The report identifies CBRE Group, Inc. (CBRE) as another company mentioned in the metadata context, though the core narrative centers on Blackstone's disposition of its Seattle property to Spear Street Capital.