Tishman, Lehman May Acquire Archstone for $20B
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Tishman Speyer Properties and Lehman Brothers Holdings Inc. may soon acquire Archstone-Smith Trust in a deal that could be worth more than $20 billion, according to media reports yesterday.
An announcement on the acquisition of one of the country’s most prominent apartment real estate trusts could come as early as this morning, the Wall Street Journal reported on its Web site.
Shares of Archstone- Smith jumped about 8% to $55.23 Friday on buyout rumors. Markets were closed yesterday because of the holiday.
Archstone-Smith, based in Englewood, Colo., is the secondlargest public apartment company based on real estate value and market capitalization. It owns 86,000 apartments in cities that include New York, Los Angeles, San Francisco, Boston, and Washington, D.C.
Tishman Speyer bought New York’s Stuyvesant Town/Peter Cooper Village last year for a record $5.4 billion.
Tishman Speyer is one of the leading owners and operators of real estate in the world. The company owns iconic properties including New York City’s Chrysler Center and Rockefeller Center, London’s CityPoint and Tower Place, Frankfurt’s MesseTurm, Berlin’s Sony Center, and other prominent properties in major European cities.
