Equity Office bidding war back and forth
Vornado made a $38 billion bid last month to buy out Equity Office Properties, in what would be the priciest-ever acquisition of an REIT. The bid topped the Blackstone Group’s $36 billion November offer for Equity Office, the country’s largest office landlord. Blackstone raised its offer at the end of last month, outbidding Vornado. EOP shareholders were scheduled to vote on the latest Blackstone offer on Feb. 5.
New Weichert franchise opens in Brooklyn
Broker Anthony Franzese last month announced the opening of Weichert Realtors — The Franzese Group in the Bensonhurst section of Brooklyn. The company’s office, located at 1707 86th Street, has six agents and plans to expand its sales staff.
Lexington and Newkirk complete merger
A merger between Lexington Corporate Properties Trust and Newkirk Realty Trust was completed early last month. The new Manhattan-based real estate firm is called Lexington Realty Trust and it now owns 360 properties worldwide with 58.6 million square feet of rentable space.
Data company to focus on real estate derivatives
Radar Logic Incorporated launched last month as a technology-driven business focused on providing data to serve as the basis for investments in the derivatives markets. Radar Logic’s first products relate to residential real estate markets in North America, and the company also plans to introduce similar products for the commercial real estate sector. Michael Feder is Radar Logic’s CEO.
Grubb integrates Pirot & Associates
Grubb & Ellis Co. has folded Pirot & Associates LLC into its project management division. The move follows Grubb’s other recent attempts to strengthen its New York presence with new hires.
Residential and commercial firms merge
Residential brokerage services and advisory firm RES has merged with Barclay Real Estate Advisors to provide commercial leasing, investment and institutional advisory services to its clients. The merger became effective last month.