CBRE Investors to close on 1540 Broadway

March 05, 2009 04:02PM

 CBRE is set to close on Harry Macklowe’s 1540 Broadway

CB Richard Ellis Investors is set to close as early as today on 1540
Broadway, previously purchased by Macklowe Properties in February 2007
for $1,079 per square foot. Macklowe was forced to turn the tower,
along with others he had purchased, over to lender Deutsche Bank after he defaulted on $7 billion in debt. The
price is now around $355 million, making the current value around $403
per square foot. More than 200,000 square feet of space in the
building is vacant. With the sale of 1540 Broadway, Deutsche Bank will
hold only one other Macklowe property, Worldwide Plaza.


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