Equity Office Properties Securitization Financing
The Equity Office Properties securitization financing was the headliner in CMBS last year, funding the largest-ever buyout in the real estate and hotel market. After buying the trust for $39 billion, Blackstone completed a $7 billion CMBS transaction and quickly sold more than $28 billion of the buildings to pay down debt. The number of other CMBS spawned as a result led market players to call it "the deal that keeps on giving." The financing's enthusiastic reception by investors also speaks to the high quality of the properties in the portfolio, according to one industry heavyweight. Goldman Sachs, Bear Stearns and Bank of America were the leads.