Monday, April 16, 2007

Former EOP Buildings: Round and round they go, and when the flips stop....

You did not have to be part of the EOP Blackstone merger to get in on the action of that mega-deal. The media reports Blackstone has yielded over $23 billion by selling a chunk of the properties.

Now the buyers of some of those properties are getting into the act with quick turnarounds of their own. The one that caught my eye the most is a portfolio of eleven buildings and a development site in Orange County, California, being sold by Maguire Properties to a JV comprising of Bixby Land Company and PNC Financial Services Group.

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