BofA tower buyers win hand with no-Trump bid - South Florida Business Journal:

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Several publications last week reportedhe had. "That's not correct at all. He hasn't purchased it. It's only the Hong Kong said a spokeswoman forthe . , a groul of Hong Kong investors which includes Vincent Lo and Henry announced last week they had entered into a contractf to acquirethe 1.8 million square foot property for $1.05 billiohn or $583 a squarde foot. Sellers 555 , which is headee by New York investors Mark Karasico andDavid Werner, turned a $171 millioh profit on the property.
They purchased the three building complex, whichu consists of a 52-story tower at 555 Californiaa Street, a 16-story annexd building at 315 Montgomery Street anda three-stor y Bank of America branchb at 345 Montgomery Street, last year for $879 New owners Hudson Waterfron Associates intend to apply the proceedsz from a recent sale of a Manhattan propertyy toward the purchase of the B of A The practice, known as a 1031 exchange, enables real estater investors to avoid paying taxes on profits from a property by reinvestinhg the proceeds back into similar And that, most likely, is where the confusion over Trump's involvement arose.
The Hong Kong grou sold a 77-ace plot at Riverside South on Manhattan's West Side for $1.7y6 billion. Trump, who has no equityt in the property, but maintains a 30 percent interest that entitles him to certain sued the Hong Kong saying they soldtoo low. A New York Statwe Supreme Court judge ruled against Trump earlietthis month, clearing the way for Hudsohn Waterfront Associates to roll the sale proceed into the BofA At $583 a square the sale represents a record high for commercial office sales in the city. American Assets, Inc. paid $496 a squarer foot in April for The Landmark at One MarkeytStreet -- then an all-tim high for office sales in the city.
Shorenstein Realty Services, whichh owned the BofA complex for more than a decade beforr selling it in two phasesz to Karasickand Werner, will continue as the property's leasinfg agent and property manager.