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