Harry Macklowe and 125 West 55th StreetHarry Macklowe’s former deputy filed a $21 million lawsuit last month alleging the billionaire real estate mogul failed to share the proceeds from the sale of 125 West 55th Street to Boston Properties. Warren Cole, who worked for Macklowe from 1988 to 1999, filed suit in New York State Supreme Court Jan. 15, alleging Macklowe either kept the profits for himself or paid it to his family members. The complaint was just made available in public records. Macklowe sold the property for $443 million in 2008, according to Cole’s complaint, which noted that the property was saddled with a $200 million mortgage. … [more]
Posts Tagged ‘125 west 55th street’
Boston Properties, led by Mortimer Zuckerman (center), ended a lease at 250 West 55th Street (right), where construction stalled and refinanced Two Grand Central Tower (left)
Commercial real estate investment firm Boston Properties said it is nearing the final round of talks to buy a $120 million stake in the $3 billion 1 World Trade Center project, which would potentially involve leasing and management of the property.
The Boston-based firm confirmed the bidding during its first-quarter earnings call with investment analysts this morning. Boston Properties is participating in the third round of bidding for the project, and faces high-profile competitors like Durst Organization, Related Companies and other firms. … [more]
Katz Media Group is taking over more than one-third of the office space at Boston Properties’ 125 West 55th Street under a lease renewal that extends until mid-2027, with an option to stay an additional five years after that. Katz, a division of radio company Clear Channel Communications, already occupies the third through seventh floors and will take over the 11th and 12th floors, plus some basement space, for roughly 200,000 square feet in total. Boston purchased the 591,000-square-foot building for $444 million from Macklowe Properties in 2008 in a deal that included the GM Building, 2 Grand Central Tower and 540 Madison Avenue. Asking rents were estimated in the $50s per square foot, sources told the Post. The Katz deal, along with leases with other tenants like Macquarie Holdings and Air France, helped Boston Properties get a new $207 million mortgage on the property through MetLife. [Post]