Arden Realty Shareholders OK GE Buy

LOS ANGELES-The $4.8-billion sale of locally based Arden Realty Inc. to GE Real Estate has received shareholder approval, and the deal is set to close tomorrow. The price per share is $45.42.

Arden is the largest public real estate company in the Southern California region with some 18.5 million sf of assets. As part of the transaction, Chicago-based Trizec Properties Inc. will acquire part of the locally based REIT’s office portfolio for $1.63 billion. GE will also assume approximately $1.6 billion of Arden debt as part of the deal.

Trizec’s part of the deal is expected to include 13 of the REIT’s assets totaling some 4.1 million sf in West L.A. (10 holdings) and San Diego (three). The assets are roughly 91% occupied and include land parcels at the Howard Hughes Center. These can accommodate up to 490,000 sf of office development and roughly 600 housing units.