Word: graybar
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...retail selling space), an office center (50 acres) and an industrial center (123 acres). More than 1,000,000 sq. ft. of industrial space has already been built and is being used by such firms as American Bosch Arma, Pepsi-Cola Bottling, Sperry Rand Marine Division, Graybar Electric...
...diverted from dreaming up big and complicated real-estate deals. Last week he invited reporters into his office to disclose his biggest deal yet. He had just bought control from the Chrysler family of the famed, spire-topped Chrysler Building, its annex, the Chrysler Building East, and the nearby Graybar Building† owned by Eastern Offices, Inc. Price: $52 million. It was the biggest office-building transaction in modern real-estate history, approached only by the sale of the Empire State Building for $51.5 million...
...dozen leading Manhattan law firms worked over a ton of legal documents. In the deal, Webb & Knapp and Graysler Corp., owned by Lazard Freres, investment bankers (with a 25% interest in the transaction), got all the stock in the Chrysler Building and its annex plus the stock controlling the Graybar Building. The money came from $40 million worth of mortgage bonds taken by Equitable Life Assurance Society, $4,000,000 from J. P. Morgan & Co., $8,000,000 from Webb & Knapp...
...profitable under one control; costs can be cut, possibly by a private power and heating plant for all three, and tenants can shift around more easily in the different buildings, according to their needs. He also plans to improve the buildings, starting out by air-conditioning the Chrysler and Graybar...
...Chrysler Building, completed in 1929 for $16 million, is the worlds second highest (77 stories v. 102 in the Empire State Building). The 32-story Chrysler Building East, finished last year, cost $16 million. The 30-story Graybar Building was built in 1927 for $13.5 million...