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PS Business Parks and its 27-million-square-foot portfolio will sell to affiliates of Blackstone Real Estate for $7.6 billion in cash

Blackstone to Acquire PS Business Parks in $7.6B Deal 

PS Business Parks, Inc. (PSB) and Blackstone have entered into a definitive agreement under which affiliates of Blackstone Real Estate will acquire all outstanding shares of common stock of PSB for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion. 

Blackstone will acquire PSB’s 27-million-square foot portfolio of industrial, business park, traditional office and multifamily properties located primarily in California, Miami, Texas and Northern Virginia. 

“I am extremely proud of everything we have accomplished at PS Business Parks,” said Stephen W. Wilson, Glendale, CA-based PSB’s president and CEO. “This transaction is an exceptional outcome for our stockholders and a testament to the incredible company and portfolio of high-quality assets our team has built, acquired and enhanced over the years.”

David Levine, co-head of Americas acquisitions for Blackstone Real Estate, added, “We are excited to add PS Business Parks’ business park, office and industrial assets to our portfolio and look forward to leveraging our expertise to provide the best possible service and experience for PSB’s customers.” 

The transaction is Blackstone’s second acquisition of a REIT in as many weeks, following its $12.8-billion deal for American Campus Communities.

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PS Business ParksBlackstone's Levine

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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