Thursday, December 17, 2009

Morgan Stanley to Give Up 5 San Francisco Towers Bought at Peak

Morgan Stanley, the securities firm that spent more than $8 billion on commercial property in 2007, plans to relinquish five San Francisco office buildings to its lender two years after purchasing them from Blackstone Group LP near the top of the market, reports Bloomberg.

The buildings Morgan Stanley is giving up are One Post, 201 California St., Foundry Square I, 60 Spear St. and 188 Embarcadero.

1 comment:

  1. That's the second 2007 Blackstone commercial real estate deal to unwind. I don't see how Morgan Stanley can frame that as anything other than a loan default.

    Information on the earlier bankruptcy is at the link below: