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The new real estate investment trust is the country's largest single-family homeowner.
e-Shang Redwood is set to acquire an 80% stake in the $980m Singapore-listed industrial REIT.
The deal values the office building, leased to a major bank, at $1.1bn.
The New York-based private equity real estate firm is buying a 49% stake in a portfolio valued at $600m.
The alternative investment giant concurrently sold an interest in the 64 properties to Brookdale Senior Living.
The Maryland-based private equity real estate company called off an earlier merger with another real estate investment trust when activist investors pushed back against the deal.
The REIT, whose parent company is merging with Colony Capital, bought real estate fund interests and an industrial real estate portfolio stake with its remaining investible capital.
The $176.5bn pension system bought the building in 1996 for $103m.
The private equity giant is exiting 25 properties it acquired with capital from its eighth global opportunistic fund.
Part of the portfolio includes a Los Angeles complex that Blackstone sold to Hines in 2014.

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