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NEW YORK CITY-Morgan Stanley real estate affiliate will pay $26 per share for Glenborough Realty Trust, a real estate investment trust that owns office properties, the companies said this morning. Including the assumption of Glenborough’s debt, Morgan Stanley said the transaction is valued at about $1.9 billion.

Glenborough share were up $1.86 at $25.89 in late-morning trading on the New York Stock Exchange. Glenborough’s properties include office space in Washington D.C. and California. It also has investments in Northern New Jersey and Boston. The merger is expected to be completed during the fourth quarter.

Glenborough currently owns approximately 45 multi-tenant office properties encompassing approximately 8 million sf . The properties are concentrated in Washington, DC, Southern California, Northern New Jersey, Boston and Northern California.

Goldman, Sachs & Co. acted as a financial advisor to Glenborough’s board, and law firms Morrison & Foerster and Venable served as legal counsel. New York-based Morgan Stanley acted as financial advisor to Morgan Stanley Real Estate, with Goodwin Procter and Paul Hastings Janofsky & Walker providing legal advice.Also on Monday, Revenue Properties Co. Ltd. said it would buy Sizeler Property Investors Inc., a REIT investing in retail and apartment properties in the U.S. Southeast.That deal is valued at $324 million. Revenue Properties will pay $15.10 in cash for each Sizeler share and assume debt of about $85 million.

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