Dubai firm in New York GM building deal

Private equity group Meraas Capital partners with Boston Properties in real estate purchase.
Dubai firm in New York GM building deal
By Amy Glass
Wed 11 Jun 2008 08:48 AM

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.

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