Blackstone to acquire The Sandcrawler business park for $176m

The Sandcrawler houses global corporations in technology and media sectors.

Real estate investment firm Blackstone has announced that it will acquire The Sandcrawler, a Grade A business park, for $176m from Lucas Real Estate through the funds managed by Blackstone Real Estate.

The Sandcrawler houses global corporations in the technology and media sectors including Lucasfilm and Disney, as well as Singapore’s Government Technology Agency (GovTech). Other tenants of the site at One-North include Grab, Apple, and HBO.

Built in 2013, the property encompasses over 173,000 square feet of office space.

“The acquisition of this iconic building is part of our continued commitment to investing in high-quality office spaces that cater to tenants in growing sectors. In Singapore, we see ongoing demand for business parks that offer a unique campus-style experience, supported by the government’s efforts to attract global companies to set up regional headquarters here,” Blackstone head of real estate Asia acquisitions Alan Miyasaki said.