On the commercial side of its business, Macklowe appointed CB Richard Ellis to oversee the leasing of its most-prized possession--the General Motors Building at 767 Fifth Ave., which was purchased earlier this year for a price in excess of $1 billion. Headed by Mary Ann Tighe, CEO of CBRE's New York Tri-State Region, the GM leasing team will also include Craig Reicher, Robert Stillman, Benjamin Friedland and Zachary Freeman.
The building was constructed in 1968 on Fifth Avenue between 58th and 59th streets, facing Central Park and the Plaza Hotel. It is already home to a number of high-profile tenants including cosmetics giant Estée Lauder, law firm Weil, Gotshal & Manges, General Motors, and General Motors Acceptance Corp.
"The GM Building is a true icon in New York City's skyline," says Tighe. "We fully expect healthy leasing activity and record-setting rents at this property." Macklowe pointed out that the assignment continues the long-term relationship between the pair, which have been working together for more than 25 years.
CDC Mortgage Capital provides fixed- and floating-rate mortgage debt and various forms of mezzanine financing for commercial real estate transactions in excess of $10 million. Since June 1999, CDC has originated or purchased more than $7 billion in commercial mortgage loans.
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