A Manhattan-based real estate investment banker tellsGlobeSt.com that "this is an extremely unique asset that willtrigger huge demand from a host of domestic and global investors. Ateam of investors might be better suited to buy the property giventhat the sale price will likely be huge. I estimate that the GMBuilding could fetch roughly $3.3 to $3.8 billion today. Still,it's tough to estimate what the market will pay for this asset. Thedebt markets have radically changed since Macklowe bought theproperty. If we knew the debt structure in place on the property,we could ball-park the expected sale price much better."

Another anonymous industry source tells GlobeSt.com that this isan extremely rare deal to come up in the market twice three years;although they added that it is "not that surprising." MackloweProperties purchased the building for a record-breaking $1.4billion from Conseco Inc. in 2003, as GlobeSt.comreported.

Deborah Jackson, executive managing director of Weiser RealtyAdvisors LLC, tells GlobeSt.com that since the purchase of theproperty in Sept. 2003 for $735 per sf, the market has strengthenedfor all office product, especially for well-located trophybuildings. She points to 666 Fifth Ave., "which is a great buildingin the area, but doesn't have the appeal of the GM building." Itrecently sold for $1,238 per sf.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.