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Zuckerman Buys East Side Offices
Boston Propertiers, the publishing tycoon's REIT, acquired the $705 million office buildings from Macklowe Properties.
August 13, 2008
Mortimer Zuckerman's real estate investment trust, Boston Properties, Inc., acquired two properties on the East Side of midtown Manhattan for $705 million.
Zuckerman is the editor-in-chief of U.S.News & World Report and the former publisher and owner of the New York Daily News. His firm, Boston Properties, acquired the two properties, 540 Madison Avenue and Two Grand Central Tower, through a venture agreement with US Real Estate Opportunities I, L.P. and Meraas Capital LLC.
US Real Estate Opportunities I is a partnership managed by Goldman Sachs and Meraas Capital LLC is a private equity firm based in Dubai, United Arab Emirates. Boston Properties owns a 60% stake in each venture.
The Boston, Massachusetts-based property developer’s latest acquisition brings with it $309.9 million in debt. The two properties were purchased from Macklowe Properties, a development and management company owned by real estate magnate Harry Macklowe.
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