One of the biggest real estate deals ever is over. A partnership of Tishman Speyer and Lehman Brothers has finished acquiring real estate investment trust Archstone-Smith in a $22.2 billion deal. It's the biggest public-to-private acquisition ever in the apartment REIT sector.
As The Observer reported in May, the Archstone portfolio included at least 10 apartment buildings in Manhattan and Brooklyn. Those apartments–unlike the stabilized ones in Stuyvesant Town and Peter Cooper Village, which another Tishman Speyer-led partnership purchased–are market-rate.