This may be one. I was introduced recently to Kevin Kingston's blog, and he has a good post about Harry Macklowe's acquisition earlier this year of seven NYC buildings in the old EOP portfolio. Kevin gave us these terms:
Purchase Price: $6.8 Billion
Down Payment: $50 Million
Amount Borrowed: $7.6 Billion (that's $800 million more than the purchase price)
Cash Flow: Negative for at least five years
Deal Consummated: 10 Days
Aprox. Square Feet: 8.41 million
Aprox. Price Per Sq. Ft.: $808
He also compares the cash flow issue to that of Harry Helmsley, who bought buildings for cash flow rather than developing. He did all right, eh?
This probably ends in one of three ways: success (rents will probably rise, and think of the phenomenal IRR on a $50 million investment for a $6.8 billion deal!), the mother of all workouts (short-term debt is coming due soon) or properties on the market cheap next year. Keep an eye open.