A reported bidder for the GM Building, Joseph Cayre, is not usually mentioned in the same breath as the usual real estate bigwigs (Jerry Speyer, Steven Roth, etc.), but the investor is hardly a small player. The Wall Street Journal’s Jennifer Forsyth brings us the news today that Mr. Cayre was one of at least three bidders offering more than $3 billion for Harry Macklowe’s GM Building at 767 Fifth Avenue; Larry Silverstein was another.
Mr. Cayre rose to riches from a modest upbringing in Miami by selling videos to discount retailers including Wal-Mart, according to a profile in the South Florida CEO. The venture eventually led to real estate, and Mr. Cayre was part of the group of investors that bought the World Trade Center in 2001, as well the Sears Tower in 2004, according to published reports.