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General Growth Properties Announces Acquisition of The Crown Building

April 21, 2015 4:02 PM EDT

CHICAGO--(BUSINESS WIRE)-- General Growth Properties, Inc. (NYSE: GGP) announced today the acquisition of The Crown Building located at 730 5th Avenue in New York City.

The Crown Building is a 26-story retail and office property located on the southwest corner of 57th Street and 5th Avenue in the Plaza District in midtown Manhattan. The acquisition price was $1.775 billion and was partially funded with $1.25 billion of secured debt.

GGP and Jeff Sutton will own, redevelop, lease and manage the retail portion of the property. The retail is currently occupied by tenants such as Bulgari, Piaget, and Mikimoto and is comprised of approximately 100,000 square feet.

Vladislav Doronin’s Capital Group and Michael Shvo will own, redevelop, lease and manage the office tower from floors four through 26 and comprised of approximately 290,000 square feet. The office tower will be redeveloped into luxury residential condominiums.

About GGP

General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing, and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.

About Jeff Sutton

Over the past 25 years, Jeff has amassed over 120 properties in prime locations throughout New York City. Jeff's most notable acquisitions include his purchase of 724 Fifth Avenue, 720 Fifth Avenue, 717 Fifth Avenue, 650 Fifth Avenue, 609 Fifth Avenue and 509 Fifth Avenue.

About Capital Group

Capital Group was founded by businessman Vladislav Doronin and is an international commercial real estate company based in Moscow that brings 22 years of experience in development. Capital Group has a portfolio of 71 properties totaling more than 70 million square feet, which does not yet include the Group’s projects in Miami. Capital Group implements high-end residential projects as well as commercial real estate, offices (class A) and retail parks with a specific area of focus being mixed-use developments by integrating these into a single building or a group of buildings.

About Shvo

SHVO develops unique luxury projects around the world including residential, hospitality, and mixed use properties. Founded by President and CEO, Michael Shvo, the company brings an atelier-like experience to real estate for over a decade. The company is currently engaged in $3.5 billion of development projects continuing a design-focus expertise. Collaborations include architects such as Renzo Piano, Peter Marino and Rafael Vinoly.

Forward-Looking Statements

Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

General Growth Properties
Kevin Berry
[email protected]
(312) 960-5529
or
Jeff Sutton
Miriam Manson
[email protected]
(212) 573-6464
or
Capital Group
Luke Chauveau
[email protected]
+44 7970 054 560
or
Shvo
Whitney Arcaro
[email protected]
(212) 380-2105

Source: General Growth Properties, Inc.



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