NEW YORK (TheStreet) -- Blackstone Group (BX) shares are flat at $33.94 in early market trading on Monday after the private equity firm agreed to sell its portfolio of 26 northern California office buildings to Los Angeles, CA-based Hudson Pacific Properties (HPP) for $3.5 billion.
This sale comes less than a week after Blackstone agreed to sell warehouse landlord IndCor Properties, which owns a portfolio of 117 million square feet of industrial real estate, to Singapore's sovereign wealth fund for $8.1 billion.
The sales continue the company's recent trend of selling off assets which netted the company over $10 billion in proceeds during the third quarter period, according to the company's most recent financial filings.
Must Read: Warren Buffett's 25 Favorite Stocks
TheStreet Ratings team rates BLACKSTONE GROUP LP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKSTONE GROUP LP (BX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."