Office REIT share prices increased by 4% to 7% today following the news that the $15.66 billion Equity Office Properties Trust is being sold to private equity firm Blackstone Group. The $36 billion transaction, announced Sunday night, is set to close in the first quarter; it will be $20 billion in cash and the rest in debt, said Sam Zell, EOPT chairman.
Equity Office Properties Trust shares hit $48.14, up 7.6% from close of trading Friday. Other office REITs had smaller increases: SL Green Realty closed at $134.01 a share, up 6.1% from Friday; Vornado Realty Trust rose 4% to $120.95, and Mack-Cali Realty rose 5% to $52.18.
The largest EOPT shareholders are Dodge & Cox, which owns 11.8% of the company, along with Vanguard Group, which owns 5.7% and Barclays Global Investors, which owns 5.6%, according to an SEC filing by Equity Office Properties Trust.