Blackstone to Buy Equity Office

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The private-equity firm Blackstone Group has agreed to buy Equity Office Properties Trust, the nation’s largest publicly traded office-building owner and manager, for about $19 billion, the Associated Press reports.


The management and trustees of Equity Office, which was founded in 1976 by real-estate investor Sam Zell, who is its current chairman, are not part of the buyout group, the company said.


Chicago-based Equity Office said late Sunday its board has approved the offer by Blackstone’s real estate arm of $48.50 per share, which is an 8.5 percent premium to the stock’s closing price Friday of $44.72 on the New York Stock Exchange.


Its properties include WorldWide Plaza, 527 Madison Ave., 1301 Avenue of the Americas and Park Avenue Tower in New York. Other major holdings include Columbia Center in Seattle, the One Market complex in San Francisco, 161 North Clark in Chicago, One Post Office Square in Boston and Two California Plaza in Los Angeles.


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