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STAMFORD, Conn. (AP) - General Electric Co. has agreed to buy commercial real-estate investment trust Arden Realty Inc. for about $3.2 billion in cash in one of its largest U.S. real estate deals.
Arden says it is the largest publicly traded office landlord in Southern California, with 18.5 million square feet in 192 buildings.
As part of the deal, Trizec Properties Inc. will buy 13 of Arden's Southern California properties, with 4.1 million square feet of space, for about $1.63 billion, the companies said Thursday. The properties acquired by Trizec include the Howard Hughes Center, Westwood Center and World Savings Center in West Los Angeles.
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