Real Estate Marketplace
Fried, Frank, Harris, Shriver & Jacobson and Kirkland & Ellis are representing the two sides in the acquisition of Manhattan's landmark GM Building.
Fried, Frank partners Robert Sorin and Eric M. Feuerstein, and associates Randall S. Rothschild, Luevenia Wallace, Brian S. Lichter and Amy Lu represent the buyer, Macklowe Properties.
Kirkland & Ellis partners Stephen G. Tomlinson, Jennifer M. Morgan and Bradley V. Ritter, and associates Mukang Cho, Julie C. Olsen and Roberto S. Miceli , represent the seller, Carmel, Ind.-based insurer Conseco Inc.
Although the terms of the deal remain confidential, the price tag for the 1.9-million-square-foot trophy building at 767 Fifth Avenue is approximately $1.4 billion, according to The New York Times, who first reported the agreement earlier this month.
Last week, a U.S. Bankruptcy Court in Chicago approved Conseco's reorganization plan, permitting the beleaguered insurance company to emerge from Chapter 11.
Macklowe Properties is a privately owned, 40-year-old New York real estate development and management company. William Macklowe serves as president; Harry Macklowe as chairman.
The deal is expected to close soon, according to a statement released by Macklowe.
In a lease renewal move, JPMorgan Chase Bank has signed up for an additional 10 years at 60 East 42nd Street with landlord Lincoln Building Associates, a partnership led by Peter L. Malkin. The aggregate value of the deal exceeds $20 million.
JPMorgan Chase Bank Vice President and Assistant General Counsel Gary Ekman represented the bank.
David Bleckner of David J. Bleckner PC represented Lincoln Building Associates.
Chase has been in the Grand Central district building since 1935 and is one of its original tenants, the landlord said.
The bank branch occupies 18,683 square feet on two levels, including 2,091 square feet on the ground floor with 11 ATMs and a full banking center on the second floor.
"Partly because of its prime location, this branch has more business accounts than any other Chase branch in Manhattan," Vice President and Branch Manager Lynn Autrum said in statement.
"We are delighted that our long association with Chase will continue," said Kevin Driscoll, managing director of Newmark & Company Real Estate, the building's managing and leasing agent.
James W. Walker, real estate asset manager of JPMorgan Chase Bank, also worked on the deal.
Fried, Frank partners Robert Sorin and Eric M. Feuerstein, and associates Randall S. Rothschild, Luevenia Wallace, Brian S. Lichter and Amy Lu represent the buyer, Macklowe Properties.
Kirkland & Ellis partners Stephen G. Tomlinson, Jennifer M. Morgan and Bradley V. Ritter, and associates Mukang Cho, Julie C. Olsen and Roberto S. Miceli , represent the seller, Carmel, Ind.-based insurer Conseco Inc.
Although the terms of the deal remain confidential, the price tag for the 1.9-million-square-foot trophy building at 767 Fifth Avenue is approximately $1.4 billion, according to The New York Times, who first reported the agreement earlier this month.
Last week, a U.S. Bankruptcy Court in Chicago approved Conseco's reorganization plan, permitting the beleaguered insurance company to emerge from Chapter 11.
Macklowe Properties is a privately owned, 40-year-old New York real estate development and management company. William Macklowe serves as president; Harry Macklowe as chairman.
The deal is expected to close soon, according to a statement released by Macklowe.
In a lease renewal move, JPMorgan Chase Bank has signed up for an additional 10 years at 60 East 42nd Street with landlord Lincoln Building Associates, a partnership led by Peter L. Malkin. The aggregate value of the deal exceeds $20 million.
JPMorgan Chase Bank Vice President and Assistant General Counsel Gary Ekman represented the bank.
David Bleckner of David J. Bleckner PC represented Lincoln Building Associates.
Chase has been in the Grand Central district building since 1935 and is one of its original tenants, the landlord said.
The bank branch occupies 18,683 square feet on two levels, including 2,091 square feet on the ground floor with 11 ATMs and a full banking center on the second floor.
"Partly because of its prime location, this branch has more business accounts than any other Chase branch in Manhattan," Vice President and Branch Manager Lynn Autrum said in statement.
"We are delighted that our long association with Chase will continue," said Kevin Driscoll, managing director of Newmark & Company Real Estate, the building's managing and leasing agent.
James W. Walker, real estate asset manager of JPMorgan Chase Bank, also worked on the deal.
REPRINTED WITH PERMISSION FROM THE SEPTEMBER 17, 2003 EDITION OF THE NEW YORK LAW JOURNAL © 2003 ALM PROPERTIES, INC. ALL RIGHTS RESERVED. FURTHER DUPLICATION WITHOUT PERMISSION IS PROHIBITED.
