As reported last month by GlobeSt.com, Boston Properties entered into an agreement to acquire the two-million-sf 767 Fifth Ave. and three other Midtown assets for $3.95 billion. The purchase price includes $1.47 billion in cash, $10 million in stock and the assumption of about $2.5 billion in debt.

On the GM building itself, the firm is assuming $1.9 billion of secured and mezzanine loans. Boston Properties is also buying the 292,000-sf 540 Madison Ave. building at Madison Avenue and 55th Street, a 591,000-sf office building at 125 W. 55th St. and the 664,000-sf Two Grand Central Tower at 44th Street between Lexington and Third avenues. Those deals are also being financed with a combination of secured and mezzanine loans and are expected to close later.

At the quarterly members' luncheon held by REBNY, Zuckerman gave Harry Macklowe, chairman of Macklowe Properties, high marks for making the GM building into one of the most desirable office assets in the city, particularly with the 2006 opening of the heavily trafficked Apple Store there.