Archstone-Smith buyout delayed

Tishman Speyer Properties and Lehman Brothers have delayed closing on their $15.2 billion acquisition of apartment REIT Archstone-Smith Trust until early October, according to a release issued yesterday. The deal was originally scheduled to close later this month. The delay gives Tishman Speyer and Lehman more time to line up bidders for buildings they plan to sell quickly, and it also gives Lehman more time to find buyers for the $17.1 billion in debt that the buying group needs to complete the deal. more [WSJ]