Paramount could buy Macklowe tower for $1.5B
June 04, 2008 08:39AM
1301 Sixth Avenue
Paramount Group could reportedly pay $1.5 billion for 1301 Sixth Avenue, Harry Macklowe's Credit Lyonnais building, which Deutsche Bank took control of earlier this year. Five or six other suitors are competing for the tower, but Albert Behler's firm is reportedly at the head of the pack. Last year, Paramount bought Deutsche Bank's 31 West 52nd Street for $600 million. The tower is one of seven former Equity Office Properties towers that Macklowe lost to Deutsche Bank after defaulting on the short-term debt owed on the properties. Macklowe reportedly still holds the titles to the buildings, which are all on the market. [NYO]
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