Macklowe Properties has completed the $1.7 billion recapitalization of the General Motors Building, one of the nationâs most prestigious office properties.
The Carlton Group, led by Chairman Howard L. Michaels, arranged the transaction as Mackloweâs exclusive advisor, bringing in a German closed end fund as a new investor. The recapitalization also included the placement of new, fixed-rate debt financing.
The General Motors Building is located on Fifth Avenue between 58th and 59th Streets, directly across from the Plaza Hotel and Central Park. In addition to 50 floors of Class A trophy office space, the building boasts prime retail space on both Fifth and Madison Avenues. The building regularly achieves rents in excess of $100 per square foot from some of the nationâs most prestigious companies.
Source: The Carlton Group