Tishman Construction

Real Estate Weekly, May 31, 2000

"So what's up with that building?," we asked the Sunoco dealer, nodding to the 11-story building across Eleventh Avenue, rimmed in scaffold and Tishman Construction signs. "I don't know," the true New Yorker replied. "All I know is the price, $43 million."

That 469,000 square-foot loft building was purchased in December by Highgate Holdings of Texas, controlled by the Khimji family. They have certainly seen the value of moving their business opportunities from complaining people filled hotels to quietly puffing telecom hotels.

According to John Glickman of Highgate, they bought it at the right time and now GlobalCrossing has taken the bulk of the building.

"We historically had been known as hotel and hospitality, and it's [now become] sort of our night job. The day job is now the telecom facilities."