Wednesday, November 29, 2006
The biggest deal
Real estate is expensive in Bucks and Montgomery counties, but nothing like this deal. A company called the Blackstone Group, a private equity firm that owns and manages office buildings, is buying Equity Office Properties Trust in what could be one of the biggest real estate deals in history. Blackstone is paying $36 billion for Equity Office and will turn it into a private real estate investment trust.
Equity Office owns 590 buildings in major metropolitan areas, including the Verizon buidling on Sixth Avenue in Manhattan. The deal is expected to be completed early next year. I wonder what the commission is on a $36 billion deal?
Equity Office owns 590 buildings in major metropolitan areas, including the Verizon buidling on Sixth Avenue in Manhattan. The deal is expected to be completed early next year. I wonder what the commission is on a $36 billion deal?
