Norges Bank and TH Real Estate sell Manhattan office for $244m

Norway’s sovereign wealth fund and TH Real Estate have sold an office property in central New York City to SJP Properties and PGIM Real Estate.

Norges Bank Real Estate Management (NBREM), which invests on behalf the NOK8.35trn (€859bn) Government Pension Fund Global, said it would receive $122m (€107.4m) for its 49.9% stake in 470 Park Avenue South.

The 301,178sqft asset was one of the first US properties owned by the Norwegian fund.

It was part of a $1.2bn portfolio of assets in New York, Washington DC and Boston, in which NBREM bought a 49.9% stake from TH Real Estate in 2013.

Earlier this year, NBREM bought half of TH Real Estate’s stake in a mixed-use building in Boston for $291m.

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