M&A Deal Summary

BXP Acquires General Motors Building

On June 10, 2008, BXP acquired real estate company General Motors Building from Macklowe Properties for 2.8B USD

Acquisition Highlights
  • This is BXP’s 1st transaction in the Real Estate sector.
  • This is BXP’s largest (disclosed) transaction.
  • This is BXP’s 1st transaction in the United States.
  • This is BXP’s 1st transaction in New York.

M&A Deal Summary
Date 2008-06-10
Target General Motors Building
Sector Real Estate
Buyer(s) BXP
Sellers(s) Macklowe Properties
Deal Type Divestiture
Deal Value 2.8B USD

Target

General Motors Building

New York, United States
General Motors Building Occupying a full city block, offering nearly 2 million square feet of rentable area, and rising 50 stories and more than 750 feet on Fifth Avenue at the corner of Central Park and 59th Street.

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Buyer(S) 1

Buyer

BXP

Boston, Massachusetts, United States
Category Company
Founded 1970
Sector Real Estate
Employees836
Revenue 3.3B USD (2023)
DESCRIPTION

BXP is a self-administered and self-managed real estate investment trust and one of the largest owners, managers and developers of Class A office properties in the United States, with a significant presence in five markets: Boston, New York, Princeton, San Francisco, and Washington, DC. BXP was founded in 1970 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 1 of 9
Sector (Real Estate) 1 of 9
Type (Divestiture) 1 of 5
State (New York) 1 of 5
Country (United States) 1 of 9
Year (2008) 1 of 4
Size (of disclosed) 1 of 7
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-12 540 Madison Avenue

New York, United States

540 Madison Avenue is a 39-story building located at Madison Avenue at 55th Street that contains approximately 292,000 rentable square feet.

Buy -

Seller(S) 1

SELLER

Macklowe Properties

New York, New York, United States
Category Company
Founded 1965
Sector Real Estate
DESCRIPTION

Macklowe Properties is an active and profitable developer, owner, and manager of a diverse array of real estate investments. The company has successfully achieved a full level of vertical integration, combining design, planning, construction, management, accounting, and executive-level ownership and operation to provide for absolute responsibility and control over its assets.

DEAL STATS #
Overall 1 of 5
Sector (Real Estate) 1 of 5
Type (Divestiture) 1 of 5
State (New York) 1 of 5
Country (United States) 1 of 5
Year (2008) 1 of 4
Size (of disclosed) 1 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-12 540 Madison Avenue

New York, United States

540 Madison Avenue is a 39-story building located at Madison Avenue at 55th Street that contains approximately 292,000 rentable square feet.

Sell -
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