Zell Sells Equity Office Properties To The Blackstone Group for 20 Billion
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Sam Zell is selling his Equity Office Properties to the Blackstone Group for an estimated 20 billion dollars in cash and assumption of another 16 billion in debt. Zell, the world famous real estate tycoon from Chicago has been one of the leading faces for commercial real estate in the past few decades.
The deal is expected to be the largest real estate deal in history.
Zell’s trust has nationwide holdings, including in Los Angeles, Orange County and San Diego. With the purchase, Blackstone Group will become one of the largest landlords in Southern California. Zell’s properties include Two California Plaza in downtown L.A. and AIG Sun America Center in Century City.
Zell’s trust said that adding the $20-billion purchase, plus the assumption of $16 billion in debt, made the deal the biggest leveraged buyout to date, surpassing the $33-billion purchase of hospital chain HCA Inc., announced in July. That deal broke the record that Kohlberg Kravis Roberts & Co.’s $31-billion purchase of RJR Nabisco Inc. had held since 1989. via the Los Angeles Times.
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