Advertisement
YOU ARE HERE: LAT HomeCollections

BRIEFLY

Real Estate

October 03, 1995| Times Staff and Wire Reports

New Twist in Fight for Rockefeller Center: David Rockefeller, 80, has entered the fray for control of the property, bringing his family's money and prestige to bear in a struggle for the landmark New York complex. Rockefeller has joined with Tishman-Speyer Properties and an investment fund managed by Goldman, Sachs & Co. in an attempt to nullify a deal that would leave Chicago investor Sam Zell, General Electric Co., Walt Disney Co. and others with half-ownership. The $297-million offer by Rockefeller's group for control of the landmark would also push out a proposal by the investment fund Gotham Partners for the 12-building complex, which has been mired in bankruptcy since May. Under terms of the offer, sent in a letter to the center's mortgage holder, Rockefeller Center Properties Inc., the group would pay $7.75 a share in cash for Rockefeller Center Properties. David Rockefeller stepped down Monday as chairman of Rockefeller Group Inc., the parent of the two partnerships that own the center, to avoid any conflict of interest, a source said.

Advertisement
Los Angeles Times Articles
|
|
|