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Perspective

Yesterday’s news that Blackstone is acquiring Equity Office Properties is the mother of all deals (maybe the largest real estate transaction ever) and suggests that the trend to privatization is alive and well, with more to come in 2007.  However, a byproduct of the deal will be a rather large stack of pink slips for individuals no longer needed in the private company.  If the CarrAmerica and Trizec acquisitions are an indicator, at a minimum the financial and investment sides of the house will be departing, and other operating efficiencies will surely be wrung-out, as Blackstone puts its imprint on EOP in its new private form.  However, the silver lining is that the professionals who are jettisoned will be absorbed quickly by a market hungry for talent.  In addition, you can expect that the most senior individuals, after their decent payday and possibly having had their fill of the public arena, may look for a more entrepreneurial next step.

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