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| Silverstein Properties to invest $2 billion in Manhattan real estate Silverstein Properties and its joint venture partner, the California State Teachers' Retirement System (CalSTRS), closed on the deal to acquire 575 Lexington Avenue, a 35-story, 600,000-square-foot tower at 51st Street. The partnership purchased the Midtown office building for $400 million, or about $665 per square foot. The acquisition of 575 Lexington Avenue marks the first under a new joint partnership between CalSTRS, a pension fund, and Silverstein Properties. The partnership provides Silverstein Properties with up to $2 billion in buying power to be used for acquisition purposes in the metropolitan area. write your comments about the article :: © 2006 Construction News :: home page |