Friday, February 16, 2007


I'll be following the story of the EOP purchase very carefully. Looking for lots more press on Jon Gray.

However, I may be alone on this one, but it seems stupid to be the business trying to achieve "milestones". I'll take the money, please, thank you. The cap rate is sick, and not in a good way. Definitely sounds like a trophy acquisition for Blackstone. Talk about an area to stay away from - any commercial real estate investment, especially those which trade on markets (REITs). I think time will show that Steve Roth at Vornado made the best decision - whether by choice or circumstance - by withdrawing from the EOP bidding.

Until next time...

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