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Shorenstein takes three Equity towers off Macklowe's hands.

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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