 Two Grand Central Tower |
The purchase of the 23-story building, spanning from 55th to 56th streets between Avenue of the Americas and Seventh Avenue, is part of a $3.95-billion agreement the firm made to acquire that 591-000-rentable-sf building as well as two-million-sf GM Building, located between 58th and 59th streets at Fifth Avenue and Central Park South, the 591,000-sf office building at 125 W. 55th St., and the 664,000-sf Two Grand Central Tower at 44th Street between Lexington and Third avenues. That portfolio purchase price includes $1.47 billion in cash, $10 million in stock and the assumption of about $2.5 billion in debt.
 540 Madison Ave. |
The acquisition was completed through a joint venture among Boston Properties, US Real Estate Opportunities I LP, which is a partnership managed by Goldman Sachs, and Meraas Capital LLC, a Dubai-based private equity firm. According to a Boston Properties press release, it has a 60% interest in the venture and will provide customary property management and leasing services for the venture. Boston Properties expects to account for its investment in the joint venture under the equity method of accounting rather than on a consolidated basis.
Current office tenants at the property, according to MrOfficeSpace.com, include Katz Communications, Air France, and Macquarie Holdings Inc. Retail tenants include Au Bon Pain, Heather Floral Co., Milos, and Starbucks. Boston Properties did not return GlobeSt.com queries by deadline.
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 GM Building |
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
