In a move to strengthen its presence in key real estate markets, Tishman Speyer Properties, in partnership with Lehman Brothers investment bank, put a bid on Archstone-Smith Trust (NYSE: ASN) on May 29 for approximately $22.2 billion. Archstone-Smith shareholders may receive $60.75 per share, an estimated premium of 22 percent over its May 24 closing price.

“We have always been committed to maximizing value for our shareholders,” says R. Scot Sellers, Archstone-Smith chairman and CEO. “We believe this merger accomplishes that objective.”

Sellers, who served as NAREIT chairman in 2006, and the rest of the management team will continue to manage Archstone.

At press time, the deal was awaiting shareholder approval.