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TMW Property Funds has exercised a right of first refusal on the office building at 666 Fifth Avenue in Manhattan, pushing aside a German fund that had negotiated the purchase of a majority interest.
The property is currently owned by a partnership between TMW, which holds a 75% stake, and Tishman Speyer, which holds the remaining 25% interest. In June, Commerzleasing und Immobilien of Dusseldorf agreed to acquire a 95% stake in the 1.5 million-square-foot building - buying out...