May 31, 2007
Firm advises R. Scot Sellers, Chairman and Chief Executive Officer of Archstone-Smith, with respect to employment and executive compensation arrangements with the acquirers.
As reported widely in the press, including The Wall Street Journal, real estate investment trust Archstone-Smith announced that it has signed a definitive merger agreement to be acquired by a partnership sponsored by Tishman Speyer and Lehman Brothers in a transaction valued at approximately $22.2 billion. Willkie’s Executive Compensation and Employee Benefits Department advised R. Scot Sellers, Chairman and Chief Executive Officer of Archstone-Smith, with respect to employment and executive compensation arrangements with the acquirers. The transaction, which was announced on May 29, represents the largest public to private merger and acquisition transaction in the multifamily REIT sector. Archstone-Smith, an S&P 500 company, is a recognized leader in apartment investment and operations with over 86,000 units in the Washington, D.C. metropolitan area, Southern California, the San Francisco Bay Area, the New York metropolitan area, Seattle and Boston. The matter was handled by partner Stephen Lindo.