The New York developer Harry Macklowe finally agreed to sell the General Motors Building and other three skyscrapers in Manhattan to Boston Properties Inc., The New York Times reported on Saturday.

According to the newspaper, the deal was long awaited, as talks began around a year ago. Boston Properties chief Mortimer B. Zuckerman and a number of other buyers will purchase the buildings from the Macklowe family, which was trying to find a way to pay off its debts that reach 7 billion dollars, for the total price of 3.95 billion dollars.

According to a statement released by the company, Boston Properties, which owns and operates office buildings, intends to pay 1.47 billion in cash, assume around 2.47 billion dollars of fixed-rate debt and issue 10 million dollars in units of limited partnership interest.

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

The GM Building is believed to be one of the most successful real estate redevelopments and it could also be the most coveted office building in Manhattan. The Macklowe family purchased the building, which was previously half-owned by Donald Trump, in 2003 for 1.4 billion dollars, an amount that was then a record. Macklowe Properties managed to turn the building into a hot property through good tenants and commanding some of the highest rents in the United States, exceeding 150 dollars per square foot.

Among the other buyers, there is Morgan Stanley, Goldman Sachs and the nations Kuwait and Qatar, the Times said, adding that the 50 story General Motors Building will be sold for 2.9 billion dollars, making the transaction the most expensive sale of an office building in the entire world.


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