Two Prominent Families Bought 40% Stake in G.M. Building image

Last week two prominent families have bought a large piece of the General Motors Building in Midtown Manhattan.

The General Motors Building in Midtown Manhattan is considered the most valuable office tower in the US, and now its value has further increased after two prominent families have acquired a large piece of the building. The family of Zhang Xin from China and the Safra family of Brazil have joined hands and purchased a 40% stake in the building.

After this deal the value of the General Motors Building has increased to about $3.4 billion, up 20% from five years ago. Back in 2008, Boston Properties has purchased 60% of the building from the Macklowe family.

“It has always been pursued,” said Darcy A. Stacom, a vice chairman of CBRE Group, who brokered the sale with her partner, William Shanahan. “People understand its inherent value.”

The General Motors Building was completed in 1968 and it is located on Fifth Avenue, across from the Plaza Hotel. Over the years the building has become one of the most recognizable office buildings in the U.S., best known for the Apple Inc. store at the street level.

Source: nytimes.com