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.
The General Motors Building in Manhattan has become the most valuable office property in America...
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