In the Holman v. Comr. case, the petitioners transferred D stock of substantial value to a newly formed family limited partnership and then made gifts of limited partnership units to a custodian for one of their children and in trust for the benefit of all of their children. In valuing the gifts for federal gift tax purposes, they applied substantial discounts for minority interest status and lack of marketability. The Tax Court held that the limited partnership was formed and the shares of D stock were transferred to it almost one week in advance of the 1999 gift, so that the transfer cannot be viewed as an indirect gift of the shares to the donees. The 1999 gift may not be viewed as an indirect gift of the shares to the donees under the step transaction doctrine. In valuing the gifts,...
Morgan Stanley has agreed to acquire Glenborough Realty Trust Inc for $26 per share. The share price represents a premium of 8.2% of the company's closing price prior to the deal announcement. Holders of Glenborough limited partnership units may elect to receive payment as $26 in cash, or in common units in the surviving operating partnership on similar terms to the existing common units, or a preferred unit of the surviving operating partnership. Morgan Stanley will also assume or repay Glenborough's existing debt and redeem the company's Series A convertible preferred stock, bringing the total deal value to about $1.9 billion. The transaction is expected to close in the fourth quarter of 2006.
Oneok Partners plans to offer 2.5 million of its common units representing limited partner interests. The Tulsa-based partnership also plans to sell 5.4 million of its common units to Oneok Inc. in a private placement. Oneok Inc. and a subsidiary, which is the sole general partner of the partnership, currently own 45.7-percent interest in the partnership.
Apartments sell for $190M Jones Lang LaSalle, an international real estate finance and professional services firm based in Chicago, announced that its Capital Markets unit closed the sale of a portfolio of multifamily properties in the Windsor Mill/ Woodlawn areas of Baltimore city and county. Harbor Group International LLC of Norfolk, Va., a private real estate investment and management firm, purchased the six- property, 1,984-unit portfolio for $190.1 million from seller SRH/ CMS Berkshire Limited Partnership. The sale consisted of Crossroads at Rolling Road, 808 units; Diamond Ridge, 92 units; Glens at Rolling Road, 270 units; Granite Run, 264 units; Rolling Wind, 280 units; and Stratton Meadows, 270 units.
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