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Far West Side Repositioning Draws Celebrity Investors
Georgetown Company’s 787 Eleventh Ave. renovation has attracted investments from LeBron James and Arnold Schwarzenegger, a spokeswoman for the developer has confirmed. The dollar amounts of their investments were not disclosed.
The New York Post reported that Georgetown had also obtained investments from music mogul Jimmy Iovine and Boston Red Sox Chairman Tom Werner. Georgetown is repositioning the Far West Side with the help of architect Rafael Vinoly.
William Ackman’s Pershing Square Capital Management, a co-investor in 787 Eleventh, signed a lease to move its headquarters to the property two years ago, and will relocate there later this year. The Georgetown/Pershing Square partnership paid about $250 million in 2015 to acquire the property from Ford Motor Company, which had used it as a service center.
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