The Firm is representing affiliates of Blackstone Real Estate in their acquisition of PS Business Parks, Inc. (NYSE: PSB) in an all-cash transaction valued at approximately $7.6 billion. The transaction is expected to close in the third quarter of 2022, subject to approval by PSB’s stockholders and other customary closing conditions.
PSB is a REIT that acquires, develops, owns and operates commercial properties. Blackstone will acquire PSB’s 27 million square foot portfolio of industrial, business park, traditional office and multifamily properties located primarily in California, Miami, Texas and Northern Virginia.
The Firm has represented Blackstone in nine multi-billion dollar take private transactions during the past 13 months.
The Simpson Thacher team includes Brian Stadler, Matt Rogers, Keegan Lopez, Ben Kloss, Bradley Benson and Haixuan Yang (M&A); Sas Mehrara, Whitney Salinas, Robert Vogel, Michael Scala, Aryeh Goldman, Allison Moore, Katie Dunn and David Rosenberg (Real Estate); Nancy Mehlman and Caroline Phillips (Tax); Andrew Blau, Alisa Tschorke and Charles Pfeifer (Executive Compensation and Employee Benefits); Jonathan Ozner (Capital Markets); and Melanie Jolson and Mark Natividad (Intellectual Property).