In the largest real estate deal this year, Morrison & Foerster LLP is representing leading residential real estate investment trust Equity Residential (NYSE: EQR) in a joint agreement with AvalonBay Communities to acquire a vast portfolio of U.S. apartment properties owned by Archstone. Equity Residential and AvalonBay are acquiring the portfolio from the Lehman Brothers estate for approximately $16 billion. The deal marks the largest real estate transaction since Blackstone Group’s $26 billion acquisition of Hilton Worldwide Inc. in 2007.
Equity Residential’s stake, around 60% of the Archstone portfolio, includes 78 properties in major U.S. markets, including Washington, D.C. San Francisco, Los Angeles, New York, Boston, Seattle, South Florida and elsewhere. The total number of apartments going to Equity Residential is more than 23,000 units. The company will additionally acquire properties under development in Washington, D.C., San Francisco, Phoenix and South Florida.
The deal is expected to close in the first quarter of 2013.
Washington, D.C.-based corporate and securities partner David Slotkin led Morrison & Foerster’s deal team along with partners Thomas Fileti (Los Angeles); Peter Dopsch, Domnick Bozzetti; and Spencer Klein (New York), and associates Jacob Bernstein, Joshua Pierce, Rada Blumkin, Amanda Hines, Wells Miller and Henrique Canarim.
Related Posts:
- Holland & Knight Advises on $367.5 Million Sale of U.S. Bank Tower in Los Angeles
- Orrick Closes UPREIT Sale of California Retail Portfolio
- Orrick Assists Silver Bay Realty Trust with Its Initial Public Offering
- Greenberg Traurig Real Estate Practice Continues Expansion in California with Addition of Dana S. Treister
- Paul Hastings Represents GI Partners in Acquisition of San Diego Data Center and Launching Real Estate Funds with CalPERS
