Real estate manager RFR Holding has acquired a New York office property from a partnership between Norges Bank Investment Management and Nuveen Real Estate.

NBIM, the central bank arm which runs Norway’s sovereign wealth fund, said the partnership has agreed to sell 475 Fifth Avenue in a deal expected to complete in March 2022.

The manager of the NOK12trn (€1.2trn) Government Pension Fund Global said it will receive $145m (€125.3m)  for its 49.9% ownership interest in the 24-storey building.

The 475 Fifth Avenue building first opened its doors in 1926.

Nuveen bought the asset in 2011. NBIM co-invested in the property in 2013.

The pair embarked on a plan to fully modernise the building by creating a state-of-the-art business environment while maintaining its historic architectural distinction. The fully transformed 475 Fifth Avenue was unveiled in 2014.

To read the latest edition of the latest IPE Real Assets magazine click here. 

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