Zuckerman could be new GM Building front-runner

April 02, 2008 02:51PM

Billionaire media and real estate mogul Mort Zuckerman could be the new front-runner to buy Harry Macklowe’s General Motors Building, which has been lowered in price from the original $3.5 billion to $2.9 billion. Following the withdrawal of Silverstein Properties, Vornado Realty and others as bidders, one of the last bidders standing is Zuckerman, who is acting in a private capacity with the backing of his company, Boston Properties. Sources say that Macklowe’s entire 10-building portfolio could be bought out by Boston Properties or another rival bidder, also for discounted prices. That would do little to help Macklowe pay off his overdue debts.


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