Boston Properties to close on GM Building soon

Boston Properties is set to close on the General Motors Building as early as next week. Boston Properties is buying three other buildings in the debt-ridden Macklowe Properties’ portfolio: 540 Madison Avenue, 125 West 55th Street and Two Grand Central Tower. The deal valued the 50-story GM Building, in 1968, at $2.9 billion, a record for a U.S. office building. Douglas Linde, president of Boston Properties, said at the annual forum of National Association of Real Estate Investment Trusts that “the iconic nature of the building, the marketability and desirability of that space is just going to continue to grow.”