Blackstone’s buyout of Equity Office set to close
The Blackstone Group’s purchase for $36 billion of Equity Office Properties is expected to close during the first quarter of this year. It will be the largest leveraged buyout to date if it can pass regulatory scrutiny. Equity Office Properties is the nation’s largest owner of office properties, with a portfolio that includes 590 buildings with 105 million square feet of space.
Reckson merger a done deal
After a month-long drama that saw shareholder protests and hostile bids initiated and withdrawn, Reckon Associates Realty Corporation shareholders gave the green light last month to a $4 billion merger with Manhattan-based REIT SL Green. Shareholders eked out the two-thirds majority needed to approve the merger at a special shareholder’s meeting.
Management firm, brokerage join forces
Residential management firm Penmark Realty Corporation has tapped Mercedes/Berk Private Real Estate to handle sales and leasing for its entire portfolio. Under the agreement, owners in Penmark’s 40 New York City buildings that come to the management firm for advice on finding a broker will be referred to Mercedes/Berk. The agreement is similar to one reached in October between the Trump Organization and Charles H. Greenthal Management Corporation.
New Weichert franchise opens in Harlem
Owner Elaine Perry has set up a newly franchised agency, Weichert Realtors — Perry Associates at 270-272 Lenox Avenue in Harlem. The office currently has 27 sales associates and plans to grow to more than 50.
Brown Harris Stevens moves and expands
Brown Harris Stevens will relocate from its 11,000-square-foot flagship brokerage office at 655 Madison Avenue to 20,000 square feet on a single floor at 445 Park Avenue, according to reports.
Prudential Douglas Elliman opens Williamsburg office
Prudential Douglas Elliman in November opened its new sales office at 299 Bedford Avenue in Williamsburg. Sales manager Michael Moran will lead the office, which was first announced in spring 2006.
Time Equities forms sustainable design division
Time Equities has created a department of sustainable design that will help conserve natural resources by establishing company-wide standards and goals in existing properties and new developments. The department will also educate and advise staff and ensure that environmentally-conscious measures are implemented.