Investors and financiers in the real estate world will be wondering for some time yet just who got the best deal out of the largest ever LBO, the purchase by Blackstone of Equity Office Properties Trust, the largest owner and manager of commercial office space in the US, in a deal valued at $39 billion.
Did Samuel Zell, the self-made billionaire who started in the real estate investment business 40 years ago, out-negotiate Blackstone – which twice raised its offer to beat out competition from another listed Reit, Vornado?
Perhaps, not.
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