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Monday, Jun 3
The General Motors Building in Manhattan has become the most valuable office property in America...
The General Motors Building in Manhattan has become the most valuable office property in America after the families of Chinese property developer Zhang Xin and Brazil's Safra banking empire acquired a 40% in the 50-story skyscraper for $1.4B. The sellers were a group of Persian Gulf interests, some of whom are represented by a Goldman Sachs (GS) fund. The other 60% is being retained by Boston Properties (BXP). Reports of the deal, which values the GM Building at $3.4B, follow news that Carlyle is selling a 27-story Manhattan building for $1.3B.