Mort Goes Hunting
Dana Rubinstein May 4, 2010, 7:24 p.m.
Daily News owner and real estate mogul Mort Zuckerman is on the hunt.
Not only is Mr. Zuckerman, chairman of real estate concern Boston Properties, vying for a piece of the Freedom Tower (now known as One World Trade Center), but he’s also on the hunt for decidedly smaller prey, says the Wall Street Journal:
“We are struggling to find smart ways to invest our capital right now,” says Douglas Linde, Boston Properties’ president.
Last month, Boston Properties bought a 30% stake in the 180,000-square-foot office building at 500 North Capitol St. in Washington, a few blocks away from the U.S. Capitol building, in a deal that valued the property at about $28 million. Boston Properties paid about $8.5 million in cash, stock and assumed debt for its stake. The new partnership, which includes Boston Properties and an affiliate of Clark Enterprises, a Bethesda, Md., construction company, paid off the maturing mortgage, got a new $22 million loan, and is planning to redevelop the building so it can command higher rents.
… The company has amassed a war chest of about $1.8 billion in cash and a $1 billion line of credit to do deals.