Business Services Industry
Deutsche Bank is in talks to buy building it leases. (Deutsche Bank AG; new York, New York building)
Crain's New York Business, December, 1996 by Feldman, Amy
Owners of tower on 52nd Street could get up to $250 million Deutsche Bank AG is negotiating to buy the building it occupies at 31 W. 52nd St. The large German bank, which is already the building's lead tenant with more than 300,000 square feet of space, would likely buy out the partnership that owns the 30-floor office tower.
That partnership consists of Hines Interests and the Kuwaiti Investment Office. The purchase price could reach $250 million, real estate sources estimate. That works out to $385 per square foot for the 660,000-square-foot structure - the highest price for the sale of a building since the real estate downturn. But on a cash-flow basis, the expected purchase price may not be so hefty. That's because Lehman Brothers is locked into a master lease...
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