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Georgetown, Bill Ackman Fund Acquire Ford Building for $250M

New York

The Georgetown Co and an investment fund controlled by Pershing Square Capital Management head Bill Ackman joined forces to purchase 787 11th Ave from the Ford Motor Co for a little over $250M. The deal was brokered by a CBRE team led by Darcy Stacom and Bill Shanahan, and a $180M bridge loan was provided by a fund affiliated with JPMorgan Asset Management. The 11th Avenue site was purchased by the Ford Motor Co for $73M in 1997, the Commercial Observer reports. Ford renovated the eight-story, 464k SF building and put it on the market in March. Dealerships for Jaguar and Land Rover occupy the ground-floor retail space, and Bill's $18B hedge fund plans to move into the building. Further plans for the property were not made public, but apparently include a rooftop tennis court. [CO]