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Behind the record Blackstone deal

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Parting with billions of dollars’ worth of prime New York City office buildings last month was like “selling our children,” David Roth, a managing director of the Blackstone Group, told a group of local brokers today. But selling 6.5 million square feet of Manhattan office space to Harry Macklowe for $7 billion was necessary to get the financing Blackstone needed to win the bidding to acquire Equity Office Properties, Roth said at a luncheon talk — the first time a Blackstone executive has spoken publicly about the deal since it was done. more By Adam Piore

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