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(Istock illustration by Kevin Rebong)
Alex Sapir, whose family famously sold 11 Madison Avenue in New York for a record $2.6 billion, recently went shopping for real estate. But instead of buying a trophy asset or two, he decided to buy a whole company’s worth of them.
In March, Sapir and an investment team he helped pull together made an offer to buy the publicly traded office REIT Columbia Property Trust for $2.4 billion with plans to take the company private.
Columbia Property’s portfolio of high-quality office buildings in cities like New York, San Francisco, Washington, D.C. and Boston is full of question marks as major tenants decide whether they need as much office space post-pandemic. That creates a window of opportunity for Sapir and his partners and could embolden other investors who have long thought that certain sectors of the REIT industry make good targets for privatization.
After a year hiatus, the annual Drake Relays will be this week at the Blue Oval in Des Moines and the Washington boys’ track team will be busy.
The Demons qualified three events including Elijah Morris in the 400m dash, Lance Sobaski in the 3200m, and the distance medley relay team of Ethan Patterson, Jacob Miller, Morris, and Sobaski. Head Coach Steve Roth is ecstatic to have representation at America’s Athletic Classic. “The way everything has gone the last couple years we are very excited just to be able to participate in the Drake Relays. I think I am more excited for Lance than he might be just because he has put in the work and to get into that event as a junior is amazing. Our d-med had outstanding splits to record the qualifying time and we will run in the fast heat. Elijah put it all on the line to get into the fast heat for the 400m as well. This is all about them and we are looking forward to it.”