GM Building purchase may no longer be a bargain

02/16/2009 | Crain's New York Business

The bargain acquisition of the GM Building by Boston Properties for $2.8 billion last summer is now looking more and more costly. The Manhattan office market is seeing rapidly rising vacancy rates. "In better times, [financial services] companies are high-quality tenants," said Jordan Sadler, an analyst at KeyBanc Capital Markets. "Today, many of them are struggling."

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