LONDON-Blackstone Group LP has purchased a 50% stake in the largest office facility in London’s financial district. The New York City-based company paid $3.4 billion for Broadgate, marking the largest commercial real estate deal to happen in London since the economic downturn.

According to reports, Blackstone plans to pay property owner British Land Co. $125.4 million for the stake and will also assume $1.6 billion worth of debt. The JV is valued at $3.47 billion, a drop from the complex’s assessment earlier this summer of $4.32 billion.

The 4.4-million-square-foot Broadgate was built in the 80s, occupying a track of land next to the Liverpool Street station. Tenants within the property include UBS AG and Royal Bank of Scotland Group Plc.

The co-owners now have plans in place to pour $163 million into the complex for renovations.

As reported, in April British Land sold the 200,000-square-foot Abbey headquarters for $169 million.

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