Word: pans
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Dates: during 1980-1989
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...Pan Am Building goes for a stunning $400 million...
...rumors that real estate prices might have peaked received a setback last week, when Pan American World Airways announced that it was selling its octagonal Manhattan tower that looms over Park Avenue for $400 million. Completed in 1963, the 59-story aluminum and stainless steel-sheathed skyscraper leads directly into Grand Central Terminal and sits in the center of a midtown office construction boom. "To my knowledge," says John Robert White, chairman of Landauer Associates, Pan Am's real estate broker, "this is the largest price ever paid for a single urban building...
...Pan Am Building's buyer was Metropolitan Life Insurance Co., the nation's second biggest, which has lately been pouring large hunks of its $46 billion in assets into real estate deals around the country. In addition to acquiring the Pan Am Building, the insurance company is investing $245 million in Houston's Allied Bank Plaza and $110 million in Chicago's One South Wacker tower. Both are now under construction. Explains Metropolitan Chairman Richard Shinn: "We're looking for protection , against inflation...
...Pan Am has been hurt by Braniff and other carriers rushing to start overseas routes. Pan Am has taken over National, which will give the international carrier a full schedule of flights within the U.S. But the integration of the two airlines has been delayed for at least another few months, and in the meantime Pan Am is drastically reducing its overseas service to save money...
...Eastern sparked the current New York-California fare battle in which a one-way ticket now costs $129, compared with the old coach fare of $317. At the discount price, the airlines lose money unless the jumbo is at least 90% full. Many are not. TWA, American, United and Pan Am matched Eastern's price. Similar air wars have been fought on other popular routes, such as San Francisco-Los Angeles and New York-Miami...