Bill Halford, formerly of The Irvine Company and now Bixby Land Company, got a lot of disbelief from the following:
“The Blackstone Group buyout of Equity Office for $36B closed in 3 weeks.”
Obviously there’s justification for doing so, but it just doesn’t happen in real estate companies of any size. Of course, they’re a private equity group, and so they have a different focus.
This was also a great conversation, right after a discussion on real estate market inefficiency:
Guy #1 – With the help of Guy #2, we just bought a 10 acre development site.
Guy #2 – Funny, I thought we bought a 200,000 sf industrial building.