The new Archstone-Smith will make its headquarters in Denver, and will now own a total of 81,460 units. There will also be regional offices in Arlington, as well as Irvine, California and Atlanta, Georgia. Nearly 80% of Archstone-Smith's apartment portfolio will be concentrated in the competitive Washington, DC, Boston, Chicago, California, Southeast Florida and Seattle markets.
The joining of the two companies, says Archstone Chairman and CEO R. Scot Sellers, "brings together the two most respected brands in the apartment industry, giving Archstone-Smith unparalleled reach and resources--and an irreplaceable portfolio in protected locations in the nation's top metropolitan areas." The merger is expected to close on October 31. Last week, the commercial arm of Charles E. Smith, Charles E. Smith Commercial Realty, was fully acquired by New York's Vornado Realty Trust.
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