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Wells Fargo selling majority stake in real estate banking giant Eastdil

Eastdil Secured LLC, one of the nation’s largest real estate investment banking companies, will soon be privately held and under new ownership.

Temasek, a Singapore-based investment company, and “certain institutional clients” of Guggenheim Investments will take majority ownership while Wells Fargo & Co. (NYSE: WFC), Eastdil’s current owner, will hold a minority stake in the company. Eastdil will be privately held.

Terms of the deal, expected to close by the fourth quarter of 2019, were not disclosed. Eastdil will retain its name.

Eastdil is headquartered in New York and Los Angeles, but it has offices in D.C. and other major cities across the U.S. and the world, including Dubai, Frankfurt, Hong Kong and Toyko. On Monday, it was announced that Eastdil had brokered one of the largest private refinancing deals in D.C. history, an $800 million loan for The Wharf.

“Most importantly, through this transaction, we will be better able to serve our clients with investments in enhanced…

Read the full story from the Washington Business Journal.