Brookfield to Acquire Peakstone Realty
The agreement includes a limited go-shop period and termination provisions allowing for competing offers.
February 03, 2026
Brookfield Affiliates to Take Peakstone Private in Strategic REIT Merger
Brookfield is moving to take Peakstone Realty Trust private in a $1.6 billion all-cash transaction, announced on February 2. The deal, backed by Peakstone’s board of trustees, offers shareholders $21.00 per share and will remove Peakstone from public markets once finalized.
This isn’t a simple handoff. It’s a two-step merger process: first, Brookfield merges with Peakstone’s operating partnership; next, the surviving entity merges into Peakstone itself. The result is full ownership by Brookfield-affiliated entities, with all common equity holders cashed out—excluding those already within Brookfield’s umbrella.
The deal covers more than just public shares. RSUs awarded under Peakstone’s incentive plan will also be converted to cash, with adjustments for distribution equivalents and withholding requirements. All payments will reflect the same $21.00 per share valuation used for common stock.
There’s a window for competing bids. Peakstone can solicit and negotiate alternative offers through March 4. If a better proposal surfaces and is signed by March 9 , the company can walk away—for a $16 million fee. After that, exit fees increase to $34 million, depending on the circumstances. If Brookfield fails to close after meeting all conditions, they’re on the hook for a $122 million termination payment.
Brookfield has committed equity and debt financing to fund the deal. The agreement doesn’t hinge on financing, but closing still depends on certain conditions: shareholder approval and no material adverse changes before the deal goes through.
While the merger is pending, Peakstone won’t issue its typical quarterly dividends unless needed to maintain REIT status. If such a dividend is paid, the $21.00 per share payout will be adjusted downward to reflect it.
Next steps include a proxy filing with the SEC and a shareholder vote. Until the go-shop window closes, Peakstone can continue to engage with other potential buyers—especially if the board views a proposal as superior. After that point, discussions are more limited but not completely off the table under certain conditions.
For shareholders, this transaction offers clear terms and a defined path forward. It also reflects broader market dynamics, where private capital continues to find opportunity in the REIT space—particularly when valuations create room for action.
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