Shorenstein buying 2 Macklowe towers for under $1B

June 11, 2008 07:55AM

Shorenstein Properties, a San Francisco-based real estate investment firm, reportedly bought two towers from Macklowe Properties, the Park Avenue Tower and 850 Third Avenue, for $930 million. The deal valued 850 Third Avenue at about $300 to $325 Million And The Park Avenue Tower at 65 East 55th Street at about $630 to $665 million. Meanwhile, Paramount Group is set to take 1301 Sixth Avenue for $1.45 billion. The Midtown buildings were part of the $7 billion portfolio of former Equity Office Properties towers, which Harry Macklowe defaulted on. Deutsche Bank, which controls the towers, is selling them for 20 to 30 percent less than what Macklowe paid for them. Eastdil Secured brokered the deal for 1301 Sixth Avenue, while Cushman & Wakefield marketed the other two buildings. Earlier this week, a group led by Mort Zuckerman closed on the GM Building and three other towers for $3.95 billion. [WSJ] and [Post] and [NYO] 

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