Silverstein on GM Building: 'It's a Trophy'

breaks rsternlsilverstein1v Silverstein on GM Building: 'It's a Trophy'Developer Larry Silverstein publicly professed his love for Harry Macklowe’s GM Building today, though was mum on whether he is interested in buying a stake—or all—of Mr. Macklowe’s prized tower at 767 Fifth Avenue.

“I think the General Motors building is perhaps one of New York’s finest buildings—it’s a gem, it’s a trophy,” he told a gaggle of reporters at this morning’s Downtown Alliance breakfast.

When asked whether he would try to take a stake in the building, he did not answer directly. “All I can say is he is a very, very competent developer and I have no doubt that he will accomplish his mission,” Mr. Silverstein said, referring to Mr. Macklowe.

Mr. Silverstein’s name has been mentioned as a possible bidder for the GM Building because of his connection with the California teachers’ pension fund CalSTRS, which could provide the so-called “patient” money that is helpful given the tight credit situation globally.

CB Richard Ellis is marketing the GM Building for Mr. Macklowe. Real estate insiders say it could go for up to $3.5 billion if sold in full.

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