Thursday, December 17, 2009

Morgan Stanley: The Example


Morgan Stanley, the securities firm that spent more than $8 billion on commercial property in 2007, plans to relinquish five San Francisco office buildings to its lender two years after purchasing them from Blackstone Group LP near the top of the market.

They're going to hand over the keys and walk away from the buildings (and the debt.)

...The Morgan Stanley buildings may have lost as much as 50 percent since the purchase, he estimated.

All you need is an LLC!

HT: Ticker

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