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Blackstone Group Sheds Its Back Bay Office Property Portfolio

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It looks like Blackstone Group LP is breaking up with Boston. The global investment group has sold their Back Bay properties of 500 Boylston St., a 25-story, 1.3 million s.f. office space; and 222 Berkeley St., a 22-story office and retail complex for $1.3 billion to JP Morgan Chase & Co. and Oxford Properties Group.
Meanwhile, Oxford has shown their interest by steadily moving into investment in both Boston and Cambridge, having recently purchased 745 Atlantic Ave. for $114.5 million and 10-20 Channel Center St. for $100 million from the real estate firm Beacon Capital Partners.

Blackstone seems to be undoing its ties in the area, which it had become entangled with upon its 2007 purchase of Equity Properties Trust for $39 billion. Last year, Blackstone sold 225 Franklin St for $590 million. Boston's not for everyone, is it?

Next up: infilling the 500 Boylston St. courtyard and expanding ground-level vestibules at 222 Berkeley St., brought to you by the Boston Redevelopment Authority (BRA). Because when an office gets into a new relationship, they've gotta keep up appearances.

· Blackstone further shrinks Boston portfolio with $1.3B sale of Back Bay offices [BBJ]