New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Blackstone in Talks to Buy Stake in Manhattan Office Tower
Blackstone is in discussions to buy a sizeable stake in 1345 Ave. of the Americas from Fisher Brothers and institutional investors advised by JPMorgan Asset Management, according to published reports. Reuters reported that the planned move comes as Blackstone executives signaled on an earnings call earlier Thursday that the troubled commercial real estate sector was stabilizing.
“We remain firm believers that a sustained commercial real estate recovery is underway,” Blackstone president Jonathan Gray said on the call. Gray cited a “pretty healthy U.S. economy” and a decline in borrowing costs as key factors behind the firm’s forecast for a real estate recovery in 2025.
It’s not yet clear how large a stake Blackstone would take in the property or how much it would pay. The 50-story, 1.9-million-square-foot office tower counts among its tenants law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, which signed a 20-year, 765,000 square-foot lease in 2023.
- ◦Sale/Acquisition