NEW YORK CITY-Harry Macklowe has reached a tentative deal to turn over effective control of seven local office buildings he acquired less than a year ago for $7 billion to his lender, Deutsche Bank, according to reports. Macklowe’s son William, who currently serves as president of the company, tells that he has no comment at this time regarding the reports.

Macklowe borrowed $5.8 billion from Deutsche Bank to acquire the buildings last year and the debt is scheduled to come due on Feb. 9. Under the agreement, according to reports, he would get an extension of the loan but Deutsche Bank would control the properties so they could be marketed and sold; however, Macklowe would still retain title.

The seven properties Macklowe may relinquish include the 610,000-sf Park Avenue Tower at 65 E. 55th St., the 1.8-million-sf 1301 Avenue of the Americas, the 1.6-million-sf Worldwide Plaza at 825 Eighth Ave., the 225,000-sf 527 Madison Ave., the 950,000-sf 1540 Broadway, the 562,567-sf 850 Third Ave. and the 200,000-sf Tower 56 at 126 E. 56th St. On Jan. 16, reported that Macklowe Properties hired CB Richard Ellis Group Inc. to sell his trophy General Motors building at 767 Fifth Ave, which sources said could fetch roughly $3.3 billion to $3.8 billion in today’s market. Macklowe Properties purchased the building for $1.4 billion from Conseco Inc. in 2003.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.