Macfarlane Partners Company

MacFarlane Partners will pay as much as $859 million for about a half stake in the AOL Time Warner Center development in New York and an interest in the project's construction loan. San Francisco-based MacFarlane will be joined in the purchase by the California Public Employees' Retirement System, said Marty Burger, executive vice president for New York-based Related Cos., the seller along with financier Leon Black's Apollo Management.

MacFarlane Partners will pay as much as $859 million for about a half stake in the AOL Time Warner Center development in New York and an interest in the project's construction loan. San Francisco-based MacFarlane will be joined in the purchase by the California Public Employees' Retirement System, said Marty Burger, executive vice president for New York-based Related Cos., the seller along with financier Leon Black's Apollo Management.