Macklowe passes on 300 Park Ave.

Macklowe Properties CEO Harry Macklowe passed on buying 300 Park Ave., it was confirmed this week.

"They are no longer pursuing that deal," said Steve Solomon, a spokesman for Macklowe, who had been reported to be in talks about paying $387 million for the building.

Last week, Macklowe was rumored to be negotiating the purchase with Tishman Speyer Properties on the 758,000 SF commercial office tower. The property is almost fully leased by Colgate-Palmolive, but recently, as the company has required less space, Tishman Speyer has begun renting to smaller tenants. Tishman Speyer declined to comment.

Unlike the sky--high purchase price of the GM building, Macklowe's offer was somewhat more modest, at approximately $516 per SF, than his $1.4 million purchase of the GM Buidling last month.

Woody Heller, a managing director at Studley Inc., said Macklowe's about--face was understandable.

"With all due respect to Harry, he just purchased a $1.4 billion asset at GM," Heller said. "One is allowed to catch his breath when he completes one of the largest acquisitions of the decade."

300 Park Avenue was never officially on the market. A spokesman for Tishman Meyer said, "