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by Ilaina Jonas

New York, NY – General Growth Properties Inc (GGP.N) has paired with Brookfield Office Properties Inc (BPO.TO) to bid for an expensive New York building in what could mark the No. 2 U.S. mall owner’s entry into a new segment of the retail real estate market, according to two sources familiar with the deal.

Bids for the 27-story office and retail building at 650 Madison Avenue, one of the toniest shopping and office districts in Manhattan, could exceed $1.3 billion, the sources said.

Other bidders include Vornado Realty Trust (VNO.N), one of the sources said. The decision on the winning bid is expected next week, the source said.

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