Developers Apollo Real Estate Advisors LP and the Related Cos. will sell MacFarlane will a 49.5% stake in the building's 347,000-sf Shops at Columbus Circle retail space; 211,000 sf of class A, non AOL Time Warner office space known as 60 Columbus Circle; and the facility's tri-level, 504-vehicle parking structure. While the price won't be set until January 2005, when the deal closes, the value is expected to amount to somewhere between $425 million and $500 million.

In addition, the firm will buy a $359-million stake in the development's $1.2 billion GMAC Commercial Mortgage construction loan. MacFarlane will also invest in a fund that will own and operate two restaurants and an upscale bar in the center's retail/entertainment complex.