As reported last month by GlobeSt.com, Boston Properties enteredinto an agreement toacquire the two-million-sf 767 Fifth Ave. and three other Midtownassets for $3.95 billion. The purchase price includes $1.47 billionin cash, $10 million in stock and the assumption of about $2.5billion in debt.

On the GM building itself, the firm is assuming $1.9 billion ofsecured and mezzanine loans. Boston Properties is also buying the292,000-sf 540 Madison Ave. building at Madison Avenue and 55thStreet, a 591,000-sf office building at 125 W. 55th St. and the664,000-sf Two Grand Central Tower at 44th Street between Lexingtonand Third avenues. Those deals are also being financed with acombination of secured and mezzanine loans and are expected toclose later.

At the quarterly members' luncheon held by REBNY, Zuckerman gaveHarry Macklowe, chairman of Macklowe Properties, high marks formaking the GM building into one of the most desirable office assetsin the city, particularly with the 2006 opening of the heavilytrafficked Apple Store there.