Equity’s Board Says Yes To Blackstone, But Will Shareholders?

Blackstone Group’s likely takeover of Equity Office Properties, the nation’s largest office landlord with Manhattan holdings that include 1095 Sixth Avenue and Park Avenue Tower, would be the biggest leveraged buyout in history at $36 billion.

Equity’s board approved on Sunday night the buyout by Blackstone, which includes the assumption of debt. But Equity’s shareholders still have to sign off on the deal, a reality that could hold everything up, as SL Green and Reckson know well.

- Tom Acitelli