Blackstone Real Estate managed funds have agreed to acquire The Sandcrawler, a Grade-A business park in Singapore for S$176 million from Lucas Real Estate.
Inspired by the iconic Sandcrawler fortresses in the Star Wars series, the building sits within Singapore’s largest business park One-North.
Built in 2013, The Sandcrawler encompasses 173,000 square feet of office space with state-of-the-art facilities and outdoor areas with greenery and walking trails. It is centrally located within One-North, a cluster of office buildings and research facilities for tenants in information and communication technology, media, life sciences, and engineering.
The area, adjacent to the central business district and public transportation, has several food and beverage outlets as well as retail stores.
The Sandcrawler houses global corporations in the technology and media sectors including Lucasfilm and Disney, as well as Singapore’ Government Technology Agency (GovTech). Other tenants of One-North include Grab, Apple, and HBO.
“We are excited to make this investment in Singapore under Blackstone Real Estate’s Core+ strategy and expand our Southeast Asia footprint. 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,” said Alan Miyasaki, Head of Real Estate Asia Acquisitions.