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Biggest Transaction, Minus Five

Morgan Stanley made headlines in 2007 with the biggest real estate transaction in San Francisco history, a $2.43 billion portfolio purchase from Blackstone Group. Now the former's letting go of some of that — giving five office buildings from that purchase back to its lender in order to "fulfill its fiduciary obligations to its investors." According to the SFBT, the buildings are "probably now worth less than half" their 2007 price. [SFBT]