updated 8/21/2006 10:43:04 AM ET 2006-08-21T14:43:04

Glenborough Realty Trust said Monday it agreed to be acquired by the real estate division of investment bank Morgan Stanley for $1.9 billion in cash plus the assumption of debt.

Morgan Stanley Real Estate agreed to pay $26 per share for the California-based realty group. The price represents a 8.2 percent premium over Glenborough's closing price of $24.03 on Friday.

A Morgan Stanley spokeswoman said the company would not disclose the amount of debt included in the deal. A Glenborough contact was not immediately available to comment.

Glenborough, which owns office properties in Boston, Washington, northern New Jersey and Northern and Southern California, said its shareholders can also opt instead of cash to take a preferred unit in the surviving operating partnership.

The agreement stipulates Glenborough will continue to pay a $1.10 annualized dividend until the transaction closes, which is expected in the fourth quarter.

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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