IDB Grp. and Midtown Equities to acquire 452 Fifth Ave. for $330m

The IDB Group and partner Joe Cayre, chairman of Midtown Equities, they have entered an agreement to buy the 452 Fifth Ave. Tower for $330 million from HSBC in an all cash transaction. The tower is 29 stories and 865,000 s/f. HSBC has agreed to lease back 11 floors of the tower for a 10-year term. Koor Industries Ltd. and Property and Building Corp., both subsidiaries of IDB, entered the agreement as a special purpose vehicle to own the property in equal parts. Nochi Dankner, chairman of IDB and Cayre said that they were pleased to have achieved their first deal together in the U.S., and that they look forward to a long, and mutually beneficial relationship between the two organizations. "I was genuinely impressed by the manner in which IDB conducts its business," said Cayre. "They are not only consummate professionals, but honorable in all of their dealings."