Consortium led by Blackstone Group and Wells Fargo & Co is close to strike the deal to purchase $30 billion real estate portfolio from General Electric Co, said a person familiar with the matter.

Since Blackstone's acquisition of office landlord Equity Office Properties Trust in 2007, this will be the biggest commercial real estate deal. According to source, the deal could be announced as early as Friday. As per the source, the deal is not yet public. Both GE and Blackstone have not said anything related to this matter.

"We're in that sweet spot of 2007 when there's a lot of money, commercial real estate looks really attractive, and you could do some mega deals”, said Ken Riggs, president of Situs RERC, a firm conducting commercial real estate valuations.

According to GE, it has been retreating from its property investments globally because it aims to concentrate on improving profits from sales of industrial products like, generators, jet engines, electric grid gear and oil field equipment. Revenue from GE’s real estate dropped 24% last year and it is partly because of a decline in net gains on property sales.

According to Chief Executive Jeff Immelt of GE, it is expected that profits from the company's aviation, power & water and other industrial businesses will increase to 75% of the company's total by 2016 from 55% in 2013.

Immelt wants to attain that objective so he has been remaking GE's portfolio of businesses. In November, Blackstone said that it will purchase GE's property unit in Japan in a deal that valued over $1.6 billion. Warehouses and development land in the US have also been purchased by the private equity firm from GE's real estate unit.