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Blackstone sells Malvern, Pa., office complex for $70M

Real estate investment management firm Equus Capital Partners Ltd. purchased a 300,000-square-foot office complex in Malvern, Pa., from private equity giant Blackstone Group LP for roughly $70 million, the Philadelphia Business Journal reported.

The property at 1400 Atwater Drive consists of two, five-story buildings, and is part of Blackstone's portfolio sale of 17 office buildings in connection with its proposed buyout of diversified real estate investment trust Gramercy Property Trust, according to the publication.

Jim Galbally of JLL was Equus' adviser in the deal, while HFF represented the seller, the publication added.