NEW YORK CITY—Amid General Growth Properties' earnings call toreport on the second quarter, at least one viewpoint wasexceptionally clear: the company is very bullish on Manhattanretail in Midtown. It acquired a 50% stake in an office tower withretail in the area and agreed to pick up two more 50% stakes inretail complexes there.
The company bought half of the interest in 685 5th Ave. for $521million. The property has approximately 115,000 square feet ofoffice space and 25,000 square feet of retail space.
The company also entered into an agreement to acquire a 50%interest in 530 5th Ave. for $295 million. The propertyfeatures approximately 58,000 square feet of retail space. Theacquisition is expected to close in the second half of thisyear.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
