$1b price tag on Bertelsmann building.Paramount Group has tapped an Eastdil team, including Wayne Maggin and Doug Harmon, to sell 1540 Broadway, the 44-story, 1.1 million s/f tower that, along with sleek glass sheathed sheath n. pl. sheaths 1. a. A case for a blade, as of a sword. b. Any of various similar coverings. 2. counterparts 3, 4, and 5 Times Square, helped usher Times Square's revitalization into a thriving midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town office submarket. A source familiar with the deal said the building, which Paramount purchased from media giant Bertelsmann AG Bertelsmann AG German media company. Beginning as a religious printer and publisher in 1835, the company grew steadily over the next century. Though virtually destroyed by Allied bombing in 1945, it recovered quickly after World War II. in 2003 for what now seems like a paltry pal·try adj. pal·tri·er, pal·tri·est 1. Lacking in importance or worth. See Synonyms at trivial. 2. Wretched or contemptible. $425 million, could fetch as much as a billion dollars. Paramount wouldn't return calls, but the source observed that the firm, controlled by German real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. the Otto family, was doing what a lot of major real estate investors who normally are long term holders have been doing, selling to cash in on record values. Bertelsmann remains the building's largest tenant but perhaps is not its best known. The famous Times Square Virgin Megastore is the building's retail tenant and is one of the top selling and largest music stores in the world. |
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