LOS ANGELES-Arden Realty, which has been acquiring and disposing of properties in a big way since the former public REIT became a holding of GE Real Estate, has agreed to sell a portfolio of office properties totaling 4.6 million sf to a unit of Mexico’s Gisca for $1.5 billion. Officials of Arden and Gisca could not be reached for comment on the deal, but information gathered by New York City-based Real Capital Analytics indicates that Arden and the local Gisca unit, called Cabi West, are under contract for the portfolio sale.

Arden execs talked about the prospect of such a deal recently in a feature article in Real Estate Southern California Magazine, a sister publication of GlobeSt.com. Arden said at the time that the portfolio being marketed totaled 33 properties; the Real Capital Analytics data indicates 34 properties.

Arden placed the properties on the market as part of a capital recycling program that the company has been pursuing for months now, in which the Los Angeles-based office landlord has been disposing of non-core assets and buying in markets where it previously owned few or no assets. According to Robert Peddicord, Arden’s chief operating officer, the properties are non-core assets that have served their purpose in the Arden portfolio since the company acquired them in 1996 and 1997.

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