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Article: Bear Stearns' new home: investment firm close to major deal for Madison Ave. site, plans tower. (Madison Ave., NY)
- Article from:
- Crain's New York Business
- Article date:
- August 11, 1997
- Author:
CopyrightCOPYRIGHT 1997 Crain Communications, Inc. 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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For the past three years, Bear Stearns Cos. has searched the city for a location to build a new headquarters. Now, real estate sources say, the investment bank is poised to land at the controversial development site near Grand Central that it was maneuvered out of last winter.
That site, 383 Madison Ave., a square block between 46th and 47th streets owned by Saudi Arabia's al-Babtain family, is considered Manhattan's premier development site. Bear Stearns,which posted revenues of more than $6 billion last year and wants to put up a new 1 million-square-foot office tower, is the city's biggest gorilla prowling the office market.
The two former combatants - ...