Mort Goes Hunting

Daily News owner and real estate mogul Mort Zuckerman is on the hunt. Sign Up For Our Daily Newsletter Sign

Daily News owner and real estate mogul Mort Zuckerman is on the hunt.

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Not only is Mr. Zuckerman, chairman of real estate concern Boston Properties (BXP), vying for a piece of the Freedom Tower (now known as One World Trade Center), but he’s also on the hunt for decidedly smaller prey, says the Wall Street Journal:

“We are struggling to find smart ways to invest our capital right now,” says Douglas Linde, Boston Properties’ president.

Last month, Boston Properties bought a 30% stake in the 180,000-square-foot office building at 500 North Capitol St. in Washington, a few blocks away from the U.S. Capitol building, in a deal that valued the property at about $28 million. Boston Properties paid about $8.5 million in cash, stock and assumed debt for its stake. The new partnership, which includes Boston Properties and an affiliate of Clark Enterprises, a Bethesda, Md., construction company, paid off the maturing mortgage, got a new $22 million loan, and is planning to redevelop the building so it can command higher rents.

… The company has amassed a war chest of about $1.8 billion in cash and a $1 billion line of credit to do deals.

More here.

drubinstein@observer.com

Mort Goes Hunting