Silverstein bid over $3B for GM Building

Developer Larry Silverstein has reportedly bid more than $3 billion for the General Motors Building. Bids for Harry Macklowe’s prized Fifth Avenue tower were due Friday. A $3 billion sale would easily surpass the record price paid for a U.S. office building, the $1.8 billion that Kushner Properties paid to Tishman Speyer Properties for the 41-story building at 666 Fifth Avenue in 2006. At $1,578 a square foot, a $3 billion sale would also set a per square foot record, edging out the $1,566 rate that Somerset Partners paid for 450 Park Avenue, which it bought from Taconic Investment Partners and New York State Common Retirement Fund last year. Boston Properties and Brookfield Properties reportedly did not offer bids.