Monday, November 20, 2006

Blackstone Group Announces Buyout of Equity Office Properties Trust

Associated Press is reporting this morning that 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. Blackstone Group is manager of the world's largest buyout fund. Equity Office Properties Trust is the world's largest office landlord. The management and trustees of Equity Office, which was founded in 1976 by investor and current chairman Sam Zell, are not part of the buyout group. Chicago-based Equity 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 on the New York Stock Exchange.

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