GM building sells for $2.9 billion

NEW YORK, May 25 (UPI) -- Boston Properties chief Mortimer B. Zuckerman and a number of other buyers have announced they made a deal to purchase New York's General Motors Building.

The group of buyers is purchasing three additional New York buildings from the Macklowe family for a total price of $3.95 billion, The New York Times reported Saturday.

The deal had been in the works throughout the year, the newspaper said, as the Macklowe family searched for ways to pay off debts reaching $7 billion.

The deal is being seen as a success for Zuckerman and the other buyers, Goldman Sachs and the nations Kuwait and Qatar, the Times said.

"We're thrilled. It is a real commitment to Manhattan and New York City and a real commitment to the future," Zuckerman said.

The newspaper reported the 50-story GM Building went for $2.9 billion, making the transaction the most expensive sale of a U.S office building.