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GlobeSt.com UPDATE: GM Sale Closes

NEW YORK CITY-A last minute lawsuit didn't stop the $1.4 billion sale of the GM Building. Macklowe Properties picked up the landmark office at 767 Fifth Ave. from Conseco, who filed for bankruptcy-court protection in December.

By Barbara Jarvie | Updated on September 26, 2003

NEW YORK CITY-A lawsuit filed by another bidder didn’t stop the closing of the $1.4 billion sale of the GM Building to Macklowe Properties. On Tuesday, a Delaware court dismissed the claims of a failed bidder who was attempting to stop the sale. Tenants at the 767 Fifth, where rents can go from $90 per sf and up, include GM Corp., Bank of America and Estee Lauder.

In mid June, previous owners Donald Trump and Conseco reached an agreement on a long-standing dispute over control and distribution of profits of the Fifth Avenue property. They 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. The month before, a three-member arbitration panel voted that Trump must sell his 50% stake in the skyscraper to bankrupt insurer Conseco for $15.6 million. Conseco filed for bankruptcy-court protection last December.

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