The Real Deal New York

Boston Properties closes on Two Grand Central

August 19, 2008 01:17PM
By Adam Pincus

A group led by Boston Properties finalized the purchase of Harry Macklowe’s Two Grand Central Tower, buying it for $237 million and the assumption of $190 million in mortgage debt.

The transfer, which was announced in May, closed on August 12, according to city records published today.

Macklowe built the 44-story tower, located between Third and Lexington avenues, in 1982.

Mortimer Zuckerman’s Boston Properties, a real estate investment trust, along with partners Goldman Sachs and sovereign wealth funds Qatar and Kuwait, struck a deal to pay $3.95 billion for the General Motors Building, Two Grand Central Tower and two other Midtown office buildings in May. The deal valued the 50-story GM Building at about $2.9 billion, a record.

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