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MORGAN STANLEY TO PURCHASE 1585 BROADWAY FOR $176 MILLION; UNDERSCORES FIRM'S COMMITMENT TO NEW YORK CITY

 NEW YORK, Aug. 11 /PRNewswire/ -- Morgan Stanley Group Inc. (NYSE: MS) announced today that it has entered into an agreement to purchase the building at 1585 Broadway for $176 million. The company intends to consolidate its Manhattan operations in that facility over a period of time following the closing of the transaction.
 1585 Broadway is a 1.3 million square foot building on Broadway between 47th and 48th Streets that was developed by an affiliate of Solomon Equities, Inc. It is a newly constructed, state-of-the-art facility specifically designed to accommodate a financial services business.
 "The building is ideally suited for a business such as ours," said John J. Mack, president of Morgan Stanley. "With the new building, we will be able to consolidate all of our Manhattan operations to one location, improving efficiencies and enabling better communications and interaction between our employees," he added.
 Morgan Stanley entered the winning bid in a sealed bid auction process managed on behalf of a group of eight international banks which holds the first mortgage on 1585 Broadway and is led by Bank of Montreal, The Toronto-Dominion Bank and Swiss Bank Corporation.
 Richard B. Fisher, chairman of Morgan Stanley, said, "1585 Broadway is an excellent real estate value in today's marketplace. The new building will substantially reduce our long-term occupancy costs and our agreement to purchase it further underscores our commitment to New York City."
 Hines Interests Limited Partnership has acted as advisor to the bank group and Battle Fowler has been counsel to the bank group on this transaction.
 Morgan Stanley Realty has acted as advisor to Morgan Stanley Group on this transaction.
 The law firm of Proskauer Rose Goetz & Mendelsohn is the building's major tenant, occupying more than 365,000 square feet of space.
 Morgan Stanley is a global financial services firm headquartered in New York City. In Manhattan, the firm currently occupies space at 1251 and 1221 Avenue of the Americas, and at 1633 Broadway. The firm also has space at One Pierrepont Plaza in Brooklyn.
 The transaction is scheduled to close on Sept. 30, 1993 and is subject to certain closing conditions.
 -0- 8/11/93
 /CONTACT: Jeanne Donovan Andrews of Morgan Stanley Group, 212-703-4058/
 (MS)


CO: Morgan Stanley Group Inc. ST: New York IN: FIN SU: RLE

MP -- NY097 -- 1864 08/11/93 16:52 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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