Posted May 25, 2013, 4:52 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,899
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http://www.reuters.com/article/2013/...94N0V120130524
Exclusive: In surprise, General Growth eyes New York office tower
By Ilaina Jonas
May 24, 2013
Quote:
General Growth Properties has paired with Brookfield Office Properties to bid for an expensive New York building in what could mark the No. 2 U.S. mall owner's entry into a new segment of the retail real estate market, according to two sources familiar with the deal.
Bids for the 27-story office and retail building at 650 Madison Avenue, one of the toniest shopping and office districts in Manhattan, could exceed $1.3 billion, the sources said.
Other bidders include Vornado Realty Trust, one of the sources said. The decision on the winning bid is expected next week, the source said. Eastdil Secured is brokering the sale of the building, which is owned by private equity firm Carlyle Group LP.
General Growth's interest in the building, which has not been previously reported, surprised industry executives. The company has long focused on operating malls and buying the New York building would mean a foray into what is known in the industry as urban street-level retail real estate.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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