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Harry Macklowe is reportedly on the verge of a deal that would hand seven of his New York office buildings over to lender Deutsche Bank AG.
The real estate mogul's Macklowe Properties Inc., a New York owner of residential and office buildings, has reached a tentative agreement to give control of seven properties that he bought from Equity Office Properties Trust in 2007 to the German bank. Under the terms, Macklowe Properties will continue to manage the buildings while Deutsche Bank puts them up for sale, according to published reports. To understand how Macklowe ended up in the predicament, read David Carey's cover story "New kids on the block" about Blackstone's purchase of Equity Office Properties from the Dec. 3 issue of The Deal newsweekly. - The editors See story from TheDeal.com Categories Deal Video
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