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Boston Properties, JV Partners Sell Two Grand Central Tower for $401M

A joint venture between Boston Properties, US Real Estate Opportunities I L.P., a partnership managed by Goldman Sachs, and Meraas Capital LLC, a Dubai-based private equity firm, sold Two Grand Central Tower in New York City for approximately $401 million, including $176.6 million in assumed debt.

The joint venture bought the property in May of 2008 from affiliates of Macklowe Properties as part of a $705 million deal that also included 540 Madison Avenue in New York City.

Two Grand Central Tower is a 44-story, class-A office building located between 44th and 45th Streets and Lexington and Third Avenues in Manhattan. It contains about 664,000 sq. ft. of rentable space.

When Boston Properties and its partners purchased the asset they assumed a $190 million existing mortgage loan that was scheduled to mature in July 2010.

Boston Properties held a 60 percent interest in the venture. The company received approximately $125.9 million in net cash proceeds from the sale, after transaction costs have been taken out.

TAGS: Office
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