11/21/2011

Blackstone Group is about to take possession of a distressed portfolio of 16 office buildings valued at $800 million. Morgan Stanley is the seller, having acquired the portfolio when it bought Glenborough Realty Trust for $1.9 billion in 2006. Morgan Stanley is transferring the properties to Blackstone rather than repaying the $820 million in loans on them that are due next month.

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