August 21, 2006
On August 21, it was announced that Glenborough Realty Trust and Morgan Stanley Real Estate have entered into a definitive agreement whereby funds managed by Morgan Stanley Real Estate will acquire Glenborough for approximately $1.9 billion, which includes repayment or assumption of Glenborough's existing debt. Willkie advised Goldman, Sachs & Co., financial adviser to Glenborough’s Board of Directors in this transaction. Under the terms of the agreement, Morgan Stanley Real Estate will acquire all of Glenborough's outstanding common stock for $26.00 per share in cash through a merger transaction. Glenborough is a real estate investment trust which owns and operates a portfolio of multi tenant office properties located in high-demand, 24-hour central business districts and 24-hour suburban central business districts. The deal was handled by partner Steven Seidman and associates Matthew Lux and Thomas O’Grady.
