Blackstone Group
ORG
Blackstone Group Blackstone
Since 2004, 12 real estate investment trusts, or REIT's, representing all commercial property sectors: office, industrial, retail, hotels and apartments, have been acquired by private companies, and two other buyout offers are pending, both involving the Blackstone Group, a private equity firm in New York. Last week, Blackstone agreed to buy the CarrAmerica Realty Corporation, a large national office REIT based in Washington, for $5.6 billion, the richest price so far. Blackstone declined to discuss its plans for CarrAmerica, which has buildings in two of the strongest office markets, Washington and Southern California, but is also well represented in Northern California, a market that has yet to recover from the technology bust.