Magazine article from our research archive:
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Shorenstein takes three Equity towers off Macklowe's hands.
- Article from:
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Real Estate Weekly
- Article date:
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June 18, 2008
- Author:
- Geiger, Daniel
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Copyright informationCOPYRIGHT 2008 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Three office towers that were part of real estate investor Harry Macklowe's disastrous purchase of a $7 billion portfolio of Manhattan office towers last year are in contract to sell.
Shorenstein Properties, the San Francisco based real estate investment firm, has agreed to buy a majority stake in 850 Third Avenue and Park Avenue Tower for $930 million, according to a source familiar with the deal. Paramount Group, the German-owned Manhattan real estate firm, is in final negotiations to acquire 1301 Avenue of the Americas for $1.45 billion, the source said.
In early 2007, Harry Macklowe purchased the buildings, along with 717 Fifth Avenue, Worldwide Plaza, 527 Madison ...
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