Silverstein, Rockrose Drop $370M NYC Office Deal

Law360, New York (March 5, 2012, 5:44 PM EST) -- Rockrose Development Corp.'s plans to purchase a 35-story Manhattan office building from Silverstein Properties Inc. and the California State Teachers' Retirement System have fallen apart, thanks to the two parties' failure to agree on a price for the building, a Rockrose spokesman confirmed Monday.

The breakdown comes two months after Rockrose reportedly entered negotiations to buy 575 Lexington Ave. for $370 million, or about $500 per square foot. The sale would have meant a loss for the Silverstein joint venture, which bought the building for $416...
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