Macklowe calls on CBRE to market GM building 

With billions of dollars in loan payments due Feb. 9, Harry Macklowe has reportedly hired CB Richard Ellis to market the General Motors building at 767 Fifth Avenue. Macklowe offered the property as collateral on a $1.2 billion loan from Fortress Investment Group last February, which helped finance the $7 billion purchase of seven buildings from Equity Office Properties Trust. He also borrowed $5.8 billion from Deutsche Bank and needs to pay off that loan by Feb. 9 as well. The troubled real estate mogul predicted that the tower, considered the most valuable asset in his portfolio, could fetch at least $3.5 billion, but industry experts doubt it will sell for that much. If that’s the case, he may have to put more of his properties on the market.