Macklowe Takes Eighth EOP Office
Macklowe Properties have a reason to celebrate! They have successfully acquired the 6.5 million square feet New York Office complex of EOP for a total amount of $7 billion. The deal was closed just before the decision to merge EOP with Blackstone Group was taken. Macklowe currently owns eight of the nine New York properties of EOP.
Disclosing this news, Chairman of the Macklowe properties, Harry Macklowe said that the acquisition was a part of their long-term plans. At present, the properties acquired by Macklowe include Park Avenue Tower, Worldwide Plaza and Tower 56. There are five other properties of EOP whose control has been transferred to the Macklowe.
The only EOP property that Macklowe has been unable to acquire is the 1.3 million square feet 1095 Avenue of the Americas. This building would remain with the Blackstone group.
Recently, Macklowe had also tried to increase its portfolio using another strategy. It made a syndicate with investor Carl Icahn and presented a joint bid to acquire Reckson Associates Realty Corp. But due to various undisclosed reasons this deal failed to materialize. Reckson finally closed the merger deal with SL Green Realty Corp. Had the deal been successful, Macklowe would have taken control over another five buildings in the City, thereby increasing its assets and holdings by another 4 million square feet.
According to the President of the Macklowe Properties, William Macklowe, these acquisitions, assets and holdings, along with the current properties, would provide the company with an opportunity to expand and bestow the company with adequate flexibility to strategically create a long term asset value.
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