Blackstone REIT Cancels Plans to Acquire Uptown Station in Oakland

April 2, 2020

The Blackstone Group Inc. is canceling its plans to acquire Uptown Station building in Oakland, Calif., and will forgo the $20 million deposit it made for the asset, Bloomberg News reported, citing people familiar with the matter.

The private equity firm had signed a deal to buy the 397,000-square-foot property, which is leased to payments company Square Inc., from CIM Group Inc. for approximately $400 million. It had planned to make the acquisition through Blackstone Real Estate Income Trust Inc.

Blackstone, which is still actively seeking real estate acquisitions, sales and financings, decided to abandon the deal following recent changes in the lending market because of the coronavirus pandemic, one of the people told the news outlet.

A spokeswoman for CIM Group did not immediately respond to a request for comment from Bloomberg.

Source: S&P Global Market Intelligence

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