The world's tallest skyscraper until the Empire State Building was built, the New York landmark reportedly would be acquired from TMW
-- the German arm of an Atlanta-based investment fund. Tishman Speyer
Properties owns the remaining 25% of the building.
With oil prices at record highs, sovereign wealth funds out of the
Middle East have been eager to send some of their billions back to the
U.S. On June 2, a consortium that included the wealth funds of Kuwait
and Qatar, and Boston Properties Inc. bought the GM Building for $3.95
billion from Harry Macklowe. And, since the credit crunch began a year
ago, $39 billion -- nearly two-thirds of the equity raised to shore up
financial companies here -- has been supplied by sovereign funds.
-
George White
See Bloomberg story on the deal
See Dealscape post on Chrysler Building
