Rise in Distressed Sales Signals New Chapter for Beleaguered Office Market

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Property owners are starting to unload troubled office buildings at fire-sale prices

In recent weeks, Blackstone sold the Griffin Towers office complex in Santa Ana for $82 million, or about 36% less than the firm paid in 2014, say people

familiar with the matter.sold a Parsippany, N.J., office building for $14.3 million, down from the $52 million it paid in 2008, according to participants in the sale.

 

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