News Corp. building bidders fall short

Beacon Capital may have to rethink the sale of the News Corp. building at 1211 Sixth Avenue, one of the largest Midtown Manhattan office towers to hit the market since the economy turned in 2008, Crain’s reported, after bids came in around 16 percent below the property’s asking price.

Beacon, which purchased the building in 2006 for $1.5 billion, put the 1.9 million-square-foot office tower up for sale in June for a reported $1.9 billion, but may instead look for an equity partner, Crain’s said, though the company wants to retain majority control in any partial sale.

Sign Up for the undefined Newsletter

Some high-profile potential buyers were said to have dropped out of the bidding. SL Green Realty and Vornado Realty Trust made offers, sources told Crain’s, but then decided against pursuing the deal. Mort Zuckerman’s Boston Properties was also said to have made an offer.

Eastdil Secured is marketing the 2 million-square-foot building, between 47th and 48th streets. [Crain’s]