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Boston, Goldman in Talks for GM Building, People Say (Update3)
By David M. Levitt
May 21 (Bloomberg) -- Boston Properties Inc., Goldman Sachs Group Inc. and Middle Eastern investors are in talks to buy the General Motors Building and other New York skyscrapers from developer Harry Macklowe, two people familiar with the matter said.
The group, which includes the Qatar Investment Authority and the Kuwait Investment Authority, has been discussing the deal with Macklowe for at least two weeks, one of the people said. The transaction would value the GM Building on Fifth Avenue at about $2.8 billion, the people said.
A sale would enable Macklowe, 70, to pay off some of about $7 billion he borrowed to buy seven New York towers from Equity Office Properties Trust at the peak of the real-estate market last year. Macklowe bought the buildings with short-term debt that he couldn't refinance when it came due this year, as interest rates rose and banks required more capital from borrowers.
``People have a moment of weakness, and his coincided with one of the worst financial meltdowns in the history of the U.S.,'' said Barry Gosin, chief executive officer of Newmark Knight Frank, New York City's third-biggest commercial real estate brokerage, and not a party to the deal.
The Wall Street Journal reported yesterday the group may pay as much as $3.9 billion for the GM Building and as many as three other properties.
Discount Price?
Howard Rubenstein, a Macklowe spokesman, and Goldman Sachs spokeswoman Andrea Raphael declined comment. A message left for Arista Joyner, a Boston Properties spokeswoman, wasn't returned. Robert McGrath, a spokesman for CB Richard Ellis Group Inc., which is marketing the GM Building for Macklowe, declined to comment.
John Lyons, chief executive officer of Savills Granite, a New York-based real estate services firm, called it ``very interesting'' that Goldman, the world's biggest securities firm, may be part of this partnership as well as Related Co.'s bid to develop Manhattan's Hudson Yards, announced on Monday.
``They obviously see core fundamental values for these irreplaceable assets at this pricing, which should give the rest of the market some comfort,'' he said.
A $2.8 billion price for the GM Building, among the best- located towers in the city at the foot of Central Park, is about 12 percent to 15 percent below the initial target price of $3 billion to $3.3 billion, wrote Goldman Sachs REIT analyst Jonathan Habermann in a research note today.
`Implied Decline'
That ``implied decline'' is an indication prices might still have to fall in light of higher financing costs and weaker fundamentals compared with recent years, said Habermann, who rates Boston Properties ``buy/cautious.''
.
To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net.
Last Updated: May 21, 2008 17:55 EDT
هل الشاري هم الهيئة العامة للإستثمار الكويتية والهيئة العامة للإستثمارالقطرية؟ لم تتم الصفقة بعد لكن الأغلب انها ستتم قريبا
Boston, Goldman in Talks for GM Building, People Say (Update3)
By David M. Levitt
May 21 (Bloomberg) -- Boston Properties Inc., Goldman Sachs Group Inc. and Middle Eastern investors are in talks to buy the General Motors Building and other New York skyscrapers from developer Harry Macklowe, two people familiar with the matter said.
The group, which includes the Qatar Investment Authority and the Kuwait Investment Authority, has been discussing the deal with Macklowe for at least two weeks, one of the people said. The transaction would value the GM Building on Fifth Avenue at about $2.8 billion, the people said.
A sale would enable Macklowe, 70, to pay off some of about $7 billion he borrowed to buy seven New York towers from Equity Office Properties Trust at the peak of the real-estate market last year. Macklowe bought the buildings with short-term debt that he couldn't refinance when it came due this year, as interest rates rose and banks required more capital from borrowers.
``People have a moment of weakness, and his coincided with one of the worst financial meltdowns in the history of the U.S.,'' said Barry Gosin, chief executive officer of Newmark Knight Frank, New York City's third-biggest commercial real estate brokerage, and not a party to the deal.
The Wall Street Journal reported yesterday the group may pay as much as $3.9 billion for the GM Building and as many as three other properties.
Discount Price?
Howard Rubenstein, a Macklowe spokesman, and Goldman Sachs spokeswoman Andrea Raphael declined comment. A message left for Arista Joyner, a Boston Properties spokeswoman, wasn't returned. Robert McGrath, a spokesman for CB Richard Ellis Group Inc., which is marketing the GM Building for Macklowe, declined to comment.
John Lyons, chief executive officer of Savills Granite, a New York-based real estate services firm, called it ``very interesting'' that Goldman, the world's biggest securities firm, may be part of this partnership as well as Related Co.'s bid to develop Manhattan's Hudson Yards, announced on Monday.
``They obviously see core fundamental values for these irreplaceable assets at this pricing, which should give the rest of the market some comfort,'' he said.
A $2.8 billion price for the GM Building, among the best- located towers in the city at the foot of Central Park, is about 12 percent to 15 percent below the initial target price of $3 billion to $3.3 billion, wrote Goldman Sachs REIT analyst Jonathan Habermann in a research note today.
`Implied Decline'
That ``implied decline'' is an indication prices might still have to fall in light of higher financing costs and weaker fundamentals compared with recent years, said Habermann, who rates Boston Properties ``buy/cautious.''
.
To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net.
Last Updated: May 21, 2008 17:55 EDT
هل الشاري هم الهيئة العامة للإستثمار الكويتية والهيئة العامة للإستثمارالقطرية؟ لم تتم الصفقة بعد لكن الأغلب انها ستتم قريبا