Round Two on GM Building Bidding Set for March 6

Macklowe madness could come to a head as early as next week. A person familiar with the process says the second round of bids is due March 6 for Harry Macklowe’s prized General Motors Building at 767 Fifth Avenue, for which at least three organizations have reportedly bid more than $3 billion.

Of course, a sale is not yet certain—Mr. Macklowe is said to prefer some sort of agreement by which he could retain some control. The New York Post reported last week that one of the bidders, Joseph Cayre, a co-owner of the Sears Tower in Chicago, is in talks with Mr. Macklowe for an agreement of that sort.

One of the other bidders is said to be Larry Silverstein, who is partnered with the CalSTRS teachers’ pension fund. That fund has helped him with other major building buys in Manhattan, including the $1 billion purchase of 1177 Avenue of the Americas this winter.

Round Two on GM Building Bidding Set for March 6