St. Petersburg Times
Business
Special report
Video report
  • For their own good
    Fifty years ago, they were screwed-up kids sent to the Florida School for Boys to be straightened out. But now they are screwed-up men, scarred by the whippings they endured. Read the story and see a video and portrait gallery.
  • More video reports
Multimedia report
Print Email this storyEmail story Comment Letter to the editor
Fill out this form to email this article to a friend
Your name Your email
Friend's name Friend's email
Your message
 

Real estate deal worth $15.5-billion

By TIMES WIRES
Published May 30, 2007


ADVERTISEMENT

NEW YORK - Tishman Speyer Properties - owner of New York's Rockefeller Center and the Chrysler building - and Lehman Brothers Holdings Inc. will buy Archstone-Smith, which is based in Englewood, Colo., for about $15.5-billion, turning one of the largest publicly traded real estate trusts over to private investors.

The buyout announced Tuesday provides further evidence of a booming market for commercial real estate and intense investor interest in owning real estate investment trusts, which pay lower taxes by distributing almost all taxable income to shareholders.

The sale is expected to close in the third quarter.

The company will pay its last regular quarterly dividend on Thursday. Shareholders still must vote on the buyout, though no date was announced.

"Archstone is an exceptional company that has built one of the finest collections of multifamily assets in the industry, " Tishman Speyer senior managing director Rob Speyer said in a statement.

[Last modified May 29, 2007, 22:50:34]


Share your thoughts on this story

[an error occurred while processing this directive]
Subscribe to the Times
Click here for daily delivery
of the St. Petersburg Times.

Email Newsletters

ADVERTISEMENT