Blackstone’s real estate arm has bought a 49% stake in a $2.85bn (€2.46bn) office building in New York from Brookfield and Qatar Investment Authority (QIA).
The One Manhattan West building is part of Manhattan West, Brookfield and QIA’s 8-acre, 7m sqft commercial complex on Manhattan’s west side.
Brookfield opened the 67-storey, 2.1m sqft One Manhattan West in 2019 as the first new office tower within the Manhattan West development.
Ben Brown, a managing partner at Brookfield, said: “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic.
“One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.”
Qahir Madhany, managing director at Blackstone Real Estate, said: “One Manhattan West is a brand-new, best-in-class building that is attractive to tenants and represents a continuation of our strategy targeting well-leased, transit-oriented, highly amenitised and newly built assets in gateway markets.
“We are long-term believers in New York and are confident that quality properties like One Manhattan West will continue to see strong tenant demand.”
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