Blackstone Snaps Up Stakes in Office Buildings Leased by Meta

Blackstone Inc.’s real estate business purchased stakes in two office properties in Bellevue, Washington, that are leased by Meta Platforms Inc.

Owner Shorenstein Investment Advisers sold an interest in two buildings, known as Blocks 5 and 6, to funds affiliated with Blackstone Real Estate, according to a statement Wednesday.

Blackstone is buying a 40% stake in each property and the pair of buildings is valued at a combined $545 million, according to a person familiar with the matter who asked not to be identified citing private details.

The New York-based asset manager has been hunting for more office deals, ...