Norges Bank Investment Management is investing $542.6m (€467m) to buy a 95% stake in a US office building from California State Teachers’ Retirement System (CalSTRS) and Silverstein Properties, in a new joint venture with Beacon Capital Partners who will own the remaining stake.
The manager of the NOK20trn (€1.71trn) Norwegian Government Pension Fund Global said it has agreed to acquire the majority interest in the $571.1m office property located at 1177 Avenue of the America’s in New York City. Beacon will be responsible for the asset management for the 1m sqft property on behalf of the joint venture.
Eastdil Secured advised Silverstein Properties and CalSTRS on the sale.
CalSTRS and Silverstein Properties paid more than $1bn to acquire the 47-storey building in midtown Manhattan from Paramount Group in December 2007. Reports also indicated that UBS was a partner in this original joint venture.
Reportedly, CalSTRS and Silverstein acquired UBS’s stake in 1177 Avenue in a 2021 deal that valued the property at $860m.
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