Blackstone is securing an $800m loan to finance its acquisition of a stake in a prominent 50-storey office tower at 1345 Avenue of the Americas in Manhattan, according to sources cited by Reuters.

The deal involves Blackstone purchasing a significant equity interest in the property, which is currently co-owned by institutional investors advised by JPMorgan Global Alternatives and real estate firm Fisher Brothers. JPMorgan’s investors hold a 49% stake, while Fisher Brothers controls 51%.

Initially, Blackstone explored the transaction as a lender, proposing to refinance the building’s existing $600m loan. However, it later pivoted toward acquiring an equity stake, according to sources. The current loan, originated in 2005, is set to mature in August, according to Morningstar Credit Analytics.

The financing for Blackstone’s stake will feature a floating interest rate, likely tied to the US Federal Reserve funds rate, which currently stands between 425 and 450 basis points.

This move signals Blackstone’s renewed interest in New York office real estate, despite the firm’s broader pivot toward sectors like logistics, data centres, and rental housing. While offices once accounted for over 60% of Blackstone’s real estate holdings in 2007, they now represent less than 2% of its portfolio.