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UPDATE 1-Mall owner General Growth eyes NY's Madison Ave -sources
May 24, 2013 / 9:22 PM / 5 years ago

UPDATE 1-Mall owner General Growth eyes NY's Madison Ave -sources

By Ilaina Jonas

NEW YORK, May 24 (Reuters) - 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 source.

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.

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