Real Estate Weekly, February 21st, 2007
Using tremendous leverage in its $39 billion acquisition of Equity Office Properties Trust, the Blackstone Group sacrificed cash flow in pursuit of a strategy in which it would profit by quickly selling Equity's massive portfolio piecemeal. 1095 Avenue of the Americas seemed to be the odd exception.
When Blackstone sold off Equity's Manhattan portfolio to the Macklowe's two weeks ago, the building--which was the former New York headquarters of Verizon--was excluded. The firm meanwhile has been continuing Equity's extensive renovation of the tower, peeling off the inglorious facade of its da...
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