:lolBIG:Now more of those oil rich Arabs are throwing these high gas prices in our faces.. Just ponied up and bought up another american landmark..
Soon Mccain will be auctioning off the whitehouse!!!:shocked::shocked:
Abu Dhabi Fund Acquires
Most of Chrysler Building
Deal for 90% Stake
In New York Icon
Bucks Weak Market
By ALEX FRANGOS
July 10, 2008
An Abu Dhabi sovereign-wealth fund has purchased a majority stake in the Chrysler Building, an iconic New York City skyscraper.
The Abu Dhabi Investment Council will take a 90% stake in the tower's ownership for $800 million, according to people familiar with the matter. Tishman Speyer Properties, a New York landlord, will retain the remaining ownership piece and will manage the property.
<TABLE class=imglftbdy cellSpacing=0 cellPadding=0 width=200 align=left border=0><TBODY><TR><TD>
</TD></TR><TR><TD class=medcrd>Associated Press </TD></TR><TR><TD class=medcptcrd>The 77-story Chrysler Building was the world's tallest when made in 1930.</TD></TR></TBODY></TABLE>
ADIC purchased its share mostly from a fund managed by Prudential Real Estate Investors, a unit of insurance company Prudential Inc. The fund included European investors, especially Germans. ADIC also purchased a piece of the tower from Tishman Speyer, which previously owned a quarter of the building.
Prudential spokeswoman Theresa Miller said, "We are proud to have been able to invest in this U.S. icon, and just as proud to be able to deliver exceptional returns for our German clients."
Tishman Speyer's president, Rob Speyer, didn't return a call seeking comment. Representatives for the Abu Dhabi Investment Council couldn't be reached.
The sale, which was reported in Wednesday's New York Post, comes at a tumultuous time in commercial real estate. The credit crunch has slowed sales of property to a crawl. One bright spot for sellers has been interest from foreign sources of capital, especially oil-rich countries. Funds from Kuwait and Qatar helped finance Boston Properties' purchase of the coveted General Motors Building and three other New York skyscrapers last month from Macklowe Properties.
Next up...Inbev takes over Busch....
http://online.wsj.com/article/SB121561441265439259.html?mod=googlenews_wsj
Soon Mccain will be auctioning off the whitehouse!!!:shocked::shocked:
Abu Dhabi Fund Acquires
Most of Chrysler Building
Deal for 90% Stake
In New York Icon
Bucks Weak Market
By ALEX FRANGOS
July 10, 2008
An Abu Dhabi sovereign-wealth fund has purchased a majority stake in the Chrysler Building, an iconic New York City skyscraper.
The Abu Dhabi Investment Council will take a 90% stake in the tower's ownership for $800 million, according to people familiar with the matter. Tishman Speyer Properties, a New York landlord, will retain the remaining ownership piece and will manage the property.
<TABLE class=imglftbdy cellSpacing=0 cellPadding=0 width=200 align=left border=0><TBODY><TR><TD>
ADIC purchased its share mostly from a fund managed by Prudential Real Estate Investors, a unit of insurance company Prudential Inc. The fund included European investors, especially Germans. ADIC also purchased a piece of the tower from Tishman Speyer, which previously owned a quarter of the building.
Prudential spokeswoman Theresa Miller said, "We are proud to have been able to invest in this U.S. icon, and just as proud to be able to deliver exceptional returns for our German clients."
Tishman Speyer's president, Rob Speyer, didn't return a call seeking comment. Representatives for the Abu Dhabi Investment Council couldn't be reached.
The sale, which was reported in Wednesday's New York Post, comes at a tumultuous time in commercial real estate. The credit crunch has slowed sales of property to a crawl. One bright spot for sellers has been interest from foreign sources of capital, especially oil-rich countries. Funds from Kuwait and Qatar helped finance Boston Properties' purchase of the coveted General Motors Building and three other New York skyscrapers last month from Macklowe Properties.
Next up...Inbev takes over Busch....
http://online.wsj.com/article/SB121561441265439259.html?mod=googlenews_wsj