Kaye Scholer Advises Bank of America in Agreement to Sell Remaining Stake in Archstone for $1.58 Billion
Kaye Scholer is representing Bank of America Corp. in its sale, along with Barclays, of the remaining 26.5% stake in Archstone to Lehman Brothers Holdings Inc. for $1.58 billion.
In January, Kaye Scholer represented Bank of America Corp. in its sale, along with Barclays, of half of the banks’ stake, or 26.5% of Archstone, to Lehman Brothers Holdings Inc. for $1.325 billion, raising Lehman’s total stake in Archstone to 73.5%. In December 2011, we represented Bank of America in an agreement to sell the stake to Equity Residential. Lehman exercised a right to match Equity Residential’s offer and purchased the banks’ stake, resulting in the termination of the agreement with Equity Residential.
Archstone is a privately-held owner, operator and developer of multifamily apartment properties primarily located in top U.S. growth markets.
The Kaye Scholer team included Partners Mark Kingsley, Ed Gabbay, Aaron Rubinstein, Louis Tuchman, Scott Talmadge and Sebastian Jungermann; Counsel Debra Schaumberger, Peter Danias and William Lonergan; and Associate Roxanne Mintz.