Last week, the Wall Street Journal put on page what had been widely speculated in the commercial real estate community for months: Archstone, the behemoth multifamily company, might be gearing up to go public once again. If that happens—and it could happen this year—it would potentially be the largest IPO to ever take place, raising as much as $4 billion to $5 billion, according to observers.

As we all remember, Archstone-Smith had been the largest multifamily REIT and the world’s third-largest public REIT, until it was taken private in 2007 in a $22-billion deal by a consortium of Bank of America, Tishman-Speyer Properties, Barclays and Lehman Brothers. At the time, it was one of a bevy of public companies that flipped into the hands of private investors in a series of M&As fueled by the friendly capital market arena.

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