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Tishman Gets Praise for Archstone Deal

The industry responds to what might be the largest merger in the multifamily industry. "I haven't seen Tishman make too many missteps in its history," is typical of the reaction.

By Sule Aygoren Carranza | Updated on June 12, 2007

Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum, from which this article is excerpted.

Denver—One of the largest public players in the apartment business is going private in what’s believed to be the largest such merger in the multifamily industry. For $22.2 billion, a partnership of Tishman Speyer and Lehman Brothers acquired Archstone-Smith, an S&P 500 company. The purchase price, which excludes transaction costs, includes the assumption and refinancing of the locally based REIT’s debt. The transaction is expected to close in the third quarter.

Officials at Archstone declined comment when contacted by MHF, and those at Tishman did not return calls for comment. However, when announcing the merger, Archstone chairman and chief executive officer R. Scot Sellers said, “We have always been committed to maximizing value for our shareholders and we believe this merger accomplishes that objective, offering a significant premium over the unaffected share price.”

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