News & Events

The Firm is representing affiliates of The Blackstone Group (“Blackstone”) in connection with its plans to sell its 80% indirect ownership interest in Pearlridge Center (“Pearlridge”) in Honolulu, Hawaii to affiliates of Glimcher Realty Trust (“Glimcher”). The sale price of Blackstone’s ownership interest will be approximately $289.4 million, which includes Blackstone’s pro-rata share of the $175 million mortgage debt currently encumbering the property.  The Firm represented Blackstone in its initial acquisition and financing of Pearlridge in 2010, when an affiliate of Blackstone and an affiliate of Glimcher entered into a joint venture to acquire the property.  Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million square feet.  The transaction is expected to close during the second quarter of 2012, subject to customary closing conditions.

The Simpson Thacher attorneys who worked on this transaction include: Sas Mehrara and Davis Coen (Real Estate).