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NEW YORK CITY—A partnership of General Growth Properties and Jeffrey Sutton‘s Wharton Properties has made a pre-emptive strike on a planned auction of the Crown Building at 730 Fifth Ave., published reports say. Bloomberg reported Friday that the partnership would pay $1.75 billion for the property, largely on the strength of its retail space. The acquisition is believed to set a world record for a single office building at $4,490 per square foot.

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