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$764 Per Square Foot

Posted by: Chris Steins
Thanks to: REISCast
8 October 2003 - 9:00am

The sale of the G.M. Building at 767 Fifth Avenue will go down as the most ever paid for a US office building.

"On September 26 of this year, a whopping $1.4 billion was paid for the 1.8-million-square-foot General Motors (G.M.) Building. At an outlay of roughly $764.00 per square foot according to Reis, the sale of the G.M. Building at 767 Fifth Avenue will go down as the most ever paid for a US office building... Although office rental rates have fallen and vacancy rates have risen in most US metros over the past year, sales of first-class office buildings have drawn hordes of bidders, racking up record sale prices in the process..."

Full Story: Trophy Building Sale Sets New Record
Source: REIS, October 7, 2003
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