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Blackstone To Take EOP Private in $36B Buyout

NEW YORK CITY-The nation's largest public landlord won't be when Blackstone takes it private. EOP's board has approved the merger and urges its shareholders to do the same. Expect a Q1 close.

By John Salustri | Updated on November 20, 2006

NEW YORK CITY-If you thought privatization was a regional strategy, think again. The board of trustees of Chicago-based Equity Office Properties Trust has agreed to a buyout by the aggressive Blackstone Group in a deal that is being valued at $36 billion. That includes some $16 billion in debt, according to reports.

EOP owns 580 buildings–some 108.6 million sf–in 16 states. The deal is considered to be the largest single real estate transaction in history.

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