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July 06, 2008

greatness is only another name for total directness

Darafriedmanmomo

If you turn from reading Tim Clark’s The Painting of Modern Life to looking at contemporary art in the galleries, you cannot but be a little disappointed. Who is our Degas, our Manet or our Pissarro- who, that is, displays the hidden political and social dimensions of our public spaces, revealing how our private desires are externalized there? Modernist high art turned inward, leaving this task to mass art. Gene Kelly in Singing in the Rain (1952) shows, by comparison, how confined were the explicit social references of Abstract Expressionism. Last Fall Dara Friedman hired sixty people, children, tourists, and workers of all ages, to sing in public without accompaniment. They sang in daylight and at night, in coffee shops, on Manhattan street corners, in museums, and in Grand Central Station. Mostly they did popular songs, with a little opera, mostly lyrics about longing. Some of the performers are very good, a few sound great, but they wouldn’t attract attention in concert. Musical, a sixty-minute large screen, high definition digital video presents these performances.

more from artcritical here.

Posted by Morgan Meis at 09:20 PM | Permalink

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Fortis Property Group/Louis Closes $880M Sale in Boston

American Financial Realty Trust JV to Sell State Street Financial Center for North of $880M

Fortis Property Group is leading the "Northeast-based private real estate investment group" that has agreed to acquire the 1 million-square-foot State Street Financial Center at 1 Lincoln Street in Boston for more than $880 million, or $880 per square foot, according to sources familiar with the sale.

The Brooklyn, NY-based Fortis, which includes Louis and son Joel Kestenbaum, and a group of other New York investors are expected to close on the 36-story office tower from a joint venture led by American Financial Realty Trust and an affiliate of IPC US Income REIT by the end of this year or early 2007.

Fortis apparently set its sights on Boston following several high-profile Dallas deals where it agreed to pay about $280 million for the three-building, 1.4 million-square-foot office complex known as Galleria Office Towers in Dallas. Earlier in the year, Fortis teamed with Trimarchi Management, also from New York, on the nearly $100 million acquisition of two other Dallas office properties, Harwood Center and Saint Paul Place. It also invested in the $282.5 million purchase of JPMorgan International Plaza in Dallas.

The addition of State Street Financial Center will build out Fortis' portfolio considerably. The privately held firm headed by CEO Jonathan Landau is controlled by the Louis Kestenbaum family. Fortis manages some 3 million square feet in commercial properties and about 454 residential units.

American Financial, a Jenkintown, PA, REIT decided to formally shop the 36-story tower in the last couple of months. The company is pruning its portfolio and repositioning itself. The REIT paid $705.4 million or $688.84 per square foot in February 2004 to acquire the property. Later that year, it sold a 30% stake to an affiliate of Canadian REIT IPC US Real Estate Investment Trust, for $60.3 million.

The building is fully leased with triple A credit tenant State Street Corp. occupying most of the building under a lease that runs until 2023. State Street also leases the property's 900-space garage on a 20-year triple-net lease.

Posted by: Steve | Aug 7, 2008 12:03:08 PM

Sadly, most contemporary art is both a "con" and "temporary".

Posted by: Jared | Aug 7, 2008 12:32:16 PM

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