Related's purchase of Equinox and Angelo Gordon, Marc Tascher and Belvedere buying Crunch (delayed closing) and the Sports Club purchase are all transactions that feel like "real estate disguised as retail" a la Toys R' Us. Now is seems like every deal is assumed to be real estate driven first. We may have now come full circle to "retail disguised as real estate disguised as retail." $500 Million seems to be far too much for Equinox's real estate, but makes more sense as a way to "brand" Related's buildings. Equinox is a higher-end brand than Related (which is a tough name to brand anyway, "related to what?") and could add to the positioning of new projects. Do you need to buy the company to accomplish this? That is another question entirely. The Crunch deal also appears to be driven by the fundementals of the fitness business rather than real estate.