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Conseco Sells GM Building to Macklowe

NEW YORK CITY-The sale of the General Motors Building to Macklowe Properties will close shortly. Reports placed the price tag at $1.4 billion. The building had been the source of a long-standing battle between Conseco and Donald Trump.

By Barbara Jarvie | Updated on August 29, 2003

NEW YORK CITY-A subsidiary of Conseco Inc. has agreed to sell the General Motors Building to Macklowe Properties with the closing to occur shortly. In accordance with the terms and conditions of the confidentiality agreements between the parties, terms of the transaction were not disclosed. However, reports said the sale was priced at $1.4 billion.

In mid June, Donald Trump and Conseco reached an agreement on a long-standing dispute over control and distribution of profits of the Fifth Avenue property. The parties mutually agreed to sell the building. In 1998, the pair purchased the 50-story property for $878 million, with Conseco making a $211 million equity investment and Trump $11 million.

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