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Irvine Co. To Make $1.4B Archstone Buy

NEWPORT BEACH, CA-The firm will take 16 properties, located in Orange and San Diego counties, as part of Archstone-Smith's buy-out.

By Daniel D. Williams | Updated on October 03, 2007

(Read more on the multifamily market.)

NEWPORT BEACH, CA-The Irvine Co. has agreed to take a stake in the Archstone-Smith multibillion-dollar buy-out. The privately held Irvine Co. will buy 16 apartment complexes–Archstone’s Southern California portfolio–for a reported $1.4 billion. The properties are located in Orange and San Diego counties.

The deal brings additional joint venture equity into Tishman Speyer Properties and Lehman Brothers Holdings Inc.’s $15.2-billion acquisition of Archstone. As part of the Southern California portfolio, Tishman and Lehman will retain 10% of those properties, with the Irvine Co. holding the balance.

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