Blackstone is in advanced talks to acquire a 49% stake in a new Manhattan office tower in a deal that values the skyscraper at $2.85bn, providing a shot of confidence for New York during tough times.
A venture led by Brookfield Asset Management could reach an agreement to sell the stake in the One Manhattan West property to Blackstone in the next few days, said people familiar with the matter.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Bloomberg previously reported that Cushman & Wakefield was advising Brookfield in soliciting interest in the stake sale.
The 70-story office tower nabbed the biggest financing deal of 2020 when Brookfield and Qatar Investment Authority scored $1.5 billion in September 2020 through the CMBS market. Two mezzanine loans totaling $300 million boosted the financing package to $1.8 billion.
Source: Wall Street Journal
Can’t stop reading? Read more
Advent exits Zentiva with €4.1bn sale to GTCR after seven-year hold
Advent exits Zentiva with €4.1bn sale to GTCR after seven-year hold GTCR has struck a €4.1bn deal...
Blackstone powers up Dropbox with $2.7bn private credit boost
Blackstone powers up Dropbox with $2.7bn private credit boost Blackstone has expanded its private...
NFL legends and Chick-fil-A heir team up to form sports investment firm
NFL legends and Chick-fil-A heir team up to form sports investment firm Former NFL stars John...