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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: dfloydr who wrote (739)	6/1/1998 8:08:00 AM
From: John Carragher	Read Replies (1) \| Respond to of 4155

Trump, Conseco Join To Pay $800 Million For New York Tower NEW YORK -- A joint venture of Donald Trump and Conseco Inc. agreed to acquire New York's landmark General Motors Building for about $800 million from Simon DeBartolo Group Inc. Mr. Trump, a New York developer, and Conseco, a Carmel, Ind., insurance company, entered a heated bidding contest for the property in the last two weeks before agreeing to team. Mr. Trump said he plans to renovate the retail space to take advantage of its unique location, and may convert part of the building into a hotel, condominium units or "superluxury" apartments. "I have always considered this the single greatest piece of real estate there is," Mr. Trump said. "It has the unique advantage that, because of its immense size, it faces both Madison and 5th avenues." The 50-story, white-marble GM Building occupies the block north of 58th St., near his Trump Tower and Plaza Hotel. Simon DeBartolo Group, Indianapolis, is a real-estate investment trust focused on shopping malls. It is selling the building as part of its pending acquisition of Corporate Property Investors, a New York REIT that owns about two dozen shopping malls and a few office buildings. Both deals are expected to close in August.