Mort Zuckerman is expected to cash in on rent increases as tenants at his newly-purchased General Motors Building are replaced. In addition to the “trophy property,” Zuckerman also acquired 125 West 55th Street, 2 Grand Central Tower and 540 Madison Avenue for a total of $2.9 billion. The buildings have a combined total of about 1.4 million square feet and values of about $1,000 a foot. Boston Properties is putting up a $165 million deposit to purchase a 49 percent ownership stake in the properties, worth a total of about $1.5 billion.
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Rent hikes to follow GM Building sale
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