Report: Cayre Out of GM Building Bidding

Real estate investor--and Sears Tower co-owner--Joseph Cayre has dropped out of the bidding for Harry Macklowe's General Motors Building at 767 Fifth Avenue, according to Crain's, which cites a source with knowledge of the deal.

The second round of bids were due today. With Mr. Cayre out, there may be only two bidders left, including Larry Silverstein. The GM Building would likely fetch over $3 billion if sold in full--apparently a price tag too steep for Mr. Cayre.

Yesterday, my colleague Eliot Brown broke the news of a lawsuit by developer Sheldon Solow against former GM Building owner Conseco, which sold it to Mr. Macklowe in 2003. Mr. Solow claims that deal didn't really happen.