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GE Investments announces 15 Columbus Circle upgrade.

Since taking ownership of 15 Columbus Circle, the 650,000- square-foot office tower located in midtown Manhattan, GE Investments has initiated a comprehensive repair and improvement program that will correct various physical asset problems inherited from the building's previous owner.

GE Investments will spend approximately $2 million on the repair work, primarily restoring and resealing the building's curtain wall to ensure that he exterior is safe, and air and water light. Completion is scheduled for summer 1993.

The upgrading is the first step of a long-term, major redevelopment of the building, which occupies one square block in one of Manhattan's premiere commercial and residential neighborhoods.

Galbreath Riverbank L.P. has been retained to provide property management services. Galbreath Riverbank L.P. acts as the exclusive agent for GE investments' 2 million square foot office portfolio in New York.

To further its long-term plan to undertake a redevelopment of the property, GE Investments also announced it has retained J.P. Morgan & Co., Inc. as its financial advisor on this transaction. In addition, the Company is currently assembling a team to comprehensively explore all possible redevelopment options for the properly.

In addition to 15 Columbus Circle, GE Investments' New real estate portfolio includes 14 Wall Street, 410 Park Avenue and the Embassy Suites Hotel at 47th Street and 7th Avenue. GE Investments, owner of 15 Columbus Circle in mid-town Manhattan, has started a $2 million upgrading project on the property, which includes restoring and resealing the curtain wall. Completion is scheduled for summer 1993.
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Title Annotation:General Electric Co. GE Investments; office tower in New York, New York
Publication:Real Estate Weekly
Date:Apr 14, 1993
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