Durst Org. gives up mngmt. of Sports Illustrated building: negotiations to buy building unsuccessful.

Without being able to negotiate a fair market price for the Sports Illustrated building, the Durst Organization had no choice but to discontinue management of the property, said a company spokesman last week.

In 2001, the Durst Organization entered into an agreement to manage the Sports illustrated Building at 135 West 50th St., formerly known as the AMA Building, with an option to purchase the 900,000-SF property, according to a Durst Organization spokesman.

"We have completed the transformation of this building to class-A status, but we have not been able to agree on a purchase price with the estate that owns the property that would reflect the realities of the real estate market," the spokesman for the Durst Organization said.

"Since the Durst Organization does not usually manage buildings that they do not own, it was then necessary since we could not effectuate the purchase, to adhere to this policy, and terminate the management agreement," said the spokesman.

The 23-story building at 135 W. 50th St. belongs to the estate of Dr. Laszlo Tauber, a Washington D.C. area philanthropist, who survived the Holocaust and gave millions of dollars to Holocaust-related causes. Tauber died last year at the age of 87, according to the Jewish News Bulletin.

The building valued at about $160 million is currently half-vacant It is connected to the Time & Life building through a common hallway.