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NEW YORK CITY-Morgan Stanley real estate affiliate will pay $26 per share for Glenborough Realty Trust, a real estate investment trust that owns office properties, the companies said this morning. Including the assumption of Glenborough's debt, Morgan Stanley said the transaction is valued at about $1.9 billion.
Glenborough share were up $1.86 at $25.89 in late-morning trading on the New York Stock Exchange. Glenborough's properties include office space in Washington D.C. and California. It also has investments in Northern New Jersey and Boston. The merger is expected to be completed during the fourth quarter.
Glenborough currently owns approximately 45 multi-tenant office properties encompassing approximately 8 million sf . The properties are concentrated in Washington, DC, Southern California, Northern New Jersey, Boston and Northern California.
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