Dubai firm in New York GM building deal

Private equity group Meraas Capital partners with Boston Properties in real estate purchase.

Boston Properties said its partners in the $2.8 billion purchase of New York's General Motors Building include Dubai private equity firm Meraas Capital, newswire Bloomberg reported on Tuesday.US real estate investment trust Boston Properties now owns a 60 percent interest in the venture, and will run the 50-story tower's property management and leasing operations, the company said in a statement.

The involvement of Meraas Capital reflects the increased interest by oil rich Middle Eastern funds in US property, especially New York real estate, an analyst told the newswire.

Developer Harry Macklowe sold the GM building to pay debts, with the deal closing on Tuesday, the newswire said.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Forgotten fees: the challenge of investing in Dubai property

Forgotten fees: the challenge of investing in Dubai property

Investors attracted to low service charges at some Dubai residential...

3
Dubai real estate: which way will it go?

Dubai real estate: which way will it go?

In this special report, Arabian Business analyses the state of...

1
Diving for answers: What's happened to Dubai Pearl?

Diving for answers: What's happened to Dubai Pearl?

The mysterious inability of a $6bn mega-project on prime land...

9
Most Discussed
sponsoredTracking