By Ilaina Jonas
NEW YORK May 24 General Growth Properties Inc
has paired with Brookfield Office Properties Inc
to bid for one of the most sought after Manhattan
office buildings on the market, making what could be the mall
owner's entry into the urban street retail real estate market,
according to sources familiar with the deal.
Bids for 650 Madison Avenue could exceed $1.3 billion,
according to sources, who were not authorized to speak publicly.
The decision on the winning bid is expected next week, said one
The property has attracted some less routine bidders, such as
the mall owner General Growth. It is located on Madison Avenue
between 59th and 60th streets, one of the toniest shopping
districts in the Manhattan.
Doug Harmon, Adam Spies and Adam Doneger of Eastdil Secured
are brokering the sale for the Carlyle Group LP.
A spokesman for General Growth and Brookfield Office
Properties declined comment.