MacFarlane Formally Acquires Time Warner Center Stake

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NEW YORK CITY-San Francisco-based MacFarlane Partners has formally acquired a minority 49.5% equity interest in the retail and parking-garage components of Time Warner Center here. The investment is a co-ownership with developers, the Related Cos. and Apollo Real Estate Advisors, which continue to manage the property. The value was previously estimated to be between $425 million and $500 million.

MacFarlane committed to purchase the equity stake in January 2003 and provided a $359-million loan to the developers that partially financed the construction of the retail and garage components. That loan was repaid concurrently with MacFarlane Partners’ equity purchase.