Morgan Stanley to Buy Glenborough Realty
Securities giant Morgan Stanley agreed to buy Glenborough Realty Trust for about $840 million, gaining office properties from Boston to California.
Morgan Stanley Real Estate funds will pay $26 for each Glenborough share, 8.2% more than the closing price of $24.03 on Friday, the two companies said. Including debt, the purchase price is $1.9 billion, they said.
Glenborough, based in San Mateo, Calif., is a real estate investment trust that owns offices primarily in Washington, Boston, California and New Jersey.