Blackstone has taken a big hit to offload two 13-story office buildings in Santa Ana, CA, selling the 560K SF Griffin Towers office park to a joint venture of Barker Pacific Group (BPG) and Kingsbarn Realty Capital for $82M—36% less than the CRE giant paid for the Class A property in 2014.

Blackstone bought the Griffin Towers campus from Angelo Gordon and Lincoln Property Co. for $129M. The towers, located at 6 Hutton Centre Drive in Santa Ana, were built in 1987. The property, in proximity to John Wayne Airport near the 55 and 406 freeways, includes a fitness center and a six-story parking facility.

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