The deal ends months of conjecture about the state of negotiations, most recently revolving around the possibility that the center would not be sold at all but rather refinanced in the face of dwindling acquisition offers. Just a week ago, GlobeSt.com reported that one of the leading acquisition candidates, Boston Properties, dropped out of the running and REIT Vornado Realty Trust had emerged as the frontrunner.
Also squeezed out of the bargaining were Equity Office Properties and Fisher Brothers.
In addition to its previous minimal stake, Tishman Speyer was also the complex's management and leasing agent. As such, the company embarked on a successful redevelopment of the tired center, upgrading all 10 buildings and its total of 5.8 million sf of office space.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
