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NEW YORK CITY-A subsidiary of Conseco Inc. has agreed to sell the General Motors Building to Macklowe Properties with the closing to occur shortly. In accordance with the terms and conditions of the confidentiality agreements between the parties, terms of the transaction were not disclosed. However, reports said the sale was priced at $1.4 billion.

In mid June, Donald Trump and Conseco reached an agreement on a long-standing dispute over control and distribution of profits of the Fifth Avenue property. The parties mutually agreed to sell the building. In 1998, the pair purchased the 50-story property for $878 million, with Conseco making a $211 million equity investment and Trump $11 million.

In May, a three-member arbitration panel voted that Trump must sell his 50% stake in the skyscraper to bankrupt insurer Conseco for $15.6 million (see earlier story). Conseco filed for bankruptcy-court protection last December.

Tenants at the 767 Fifth, where rents can go from $90 per sf and up, include GM Corp., Bank of America and Estee Lauder.

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