Blackstone said to flip EOP properties

LONDON (CNNMoney.com) -- Blackstone Group has sold off many of the buildings owned by Equity Office Properties Trust and earned back more than 70 percent of the $39 billion it paid for the real estate empire, according to a report published Thursday.

The Wall Street Journal said Blackstone has sold several of the properties since it bought EOP five months ago, and many of those buildings have sold at record prices amid a boom in the commercial real estate market.

The impact of the high-price sales, which occurred at a rapid price, is still coursing through the real estate market, the newspaper said.

Blackstone (Charts) bought real estate tycoon Sam Zell's EOP in February after winning a fierce bidding war with Vornado Realty Trust (Charts).