Group in talks to buy GM building in NYC: source
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NEW YORK (Reuters) - A group of investors is in talks to buy the General Motors building in Manhattan and up to three other properties from New York developer Harry Macklowe for $3.6 billion to $3.9 billion, a person briefed on the situation said on Tuesday.The group includes Boston Properties Inc , Goldman Sachs and two Middle Eastern investors, the source, who declined to be identified, said.The total value for the deal is expected to be closer to the higher end of the range, but the talks are still fluid and there could be other bidders, the source said.The deal would value the GM building, at 767 Fifth Avenue between 58th and 59th Streets, at about $2.8 billion, the source said.The news was first reported by the Wall Street Journal on its website.Boston Properties and Goldman Sachs declined to comment. Citigroup, which is advising the Macklowe family, also declined to comment. Macklowe could not be reached immediately for comment.The GM building is seen as one of the most successful real estate redevelopments and arguably the most coveted office building in Manhattan.Macklowe bought the building, previously half-owned by Donald Trump, in 2003 for a then record $1.4 billion. He turned the 50-story structure into a hot property, luring hedge funds and private equity firms as tenants and commanding some of the highest rents -- more than $150 per square foot -- in the United States.After building a glass cube on the property's plaza, Macklowe transformed its dreary, failed underground shopping area into Apple Inc's largest Manhattan location.(Reporting by Paritosh Bansal; Editing by Gary Hill)
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