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Fidelity
contracted to acquire a 310,000 square foot class A office building, located
in Los Angeles. The institutional owner's local operating partner was blocking
the sale of the asset because the operating partner faced a tax problem from
the sale.
How did we create value?
Fidelity arranged to pay the operating partner with shares in a publicly traded REIT (to avoid the tax issue) and to pay the pension fund in cash. The result was a win-win for all parties.
