Dublin Office Woe Hit PE Firms From Blackstone to Brookfield (1)

A partially empty, five-story building close to the old Guinness family home in Dublin’s city center offers a glimpse into the slowdown gripping parts of the Irish capital’s office market.

The owner, Blackstone Inc., is in talks to hand back the keys to 75 St Stephen’s Green, which it bought in 2019 as part of a wider portfolio, to its lenders.

“These assets were prudently written down to zero some time ago, given the well-documented headwinds facing the Irish office market,” Blackstone said in response to questions. “These are extremely rare instances in our $600 billion global portfolio where ...