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Simon Property Group Inc. and its partners are close to selling an office building at 745 Fifth Ave. in midtown New York that they acquired as part of their joint purchase of mall owner Rodamco North America NV.
The 24-story tower may sell for about $225 million, David Simon, Simon Property's chief executive, told investors and analysts on a conference call yesterday. A sale may be announced by the time Rodamco's shareholders vote on the company's sale on Feb. 26, he said.
Analysts had said they were concerned a sale may not come soon because of the trouble landlords are having in gaining terrorism insurance. Billionaire Marvin Davis's attempt to buy an office tower next to Manhattan's Grand Central Terminal for $350 million is being held up by his problems in obtaining such insurance, the Wall Street Journal reported last month.
Based on the offers Simon and its partners have received for 745 Fifth, "I don't expect that to be a problem," Simon said.
The 500,000-square-foot retail and office building is located near the southeast corner of Central Park on 58th Street, adjacent to the General Motors Building at Trump International Place.
Retailer Bergdorf Goodman occupies the ground floor...