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Legal Team Handles Manhattan Landmark Sale Twice in 4 Years

Richard J. Giusto, Danielle Gonzalez and Michael T. Lynott

Greenberg Traurig

The iconic building atop New York's Grand Central Station had a storied past and an incomparable location, but tricky zoning issues and an unusually complicated ownership structure made its sale extraordinarily challenging.

Greenberg Traurig real estate shareholders Richard J. Giusto, Danielle Gonzalez and Michael T. Lynott represented Invesco Real Estate in its sale of the 230 Park Ave. building to RxR Capital Holdings for $1.2 billion.

"It's certainly exciting to work on a deal where you have a property that's well-known," Gonzalez said. "There's some sense of excitement and personal excitement that goes along with that. But I think the most exciting part of the deal … was navigating through the complicated tax and structural issues related to the sale of interests" in a real estate investment trust.

Gonzalez and Giusto first became familiar with the complexities and idiosyncrasies of the 35-story building in 2011 when they represented Invesco in the $760 million acquisition of the 1.4 million-square-foot landmark.

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