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national   /   March 9, 2020

Paul Bubny
By: Paul Bubny

Brookfield, Blackstone Weigh Sale of FiDi Trophy Tower

Brookfield Property Partners and Blackstone are weighing a sale of One Liberty Plaza in Lower Manhattan’s Financial District, Crain’s New York Business reported. They’re seeking between $1.6 billion and $1.7 billion for the 2.3-million-square-foot office tower, according to sources said to be familiar with the discussions.

A sale of the property would probably rank among New York’s largest this year. Manhattan’s biggest office transaction in 2019 was Related Companies’ $2.2-billion acquisition of the WarnerMedia office condominium at 30 Hudson Yards, although the largest full-building trade—the acquisition of 711 Fifth Ave. by Shvo and Bilgili Group—came in at less than $1 billion.

Blackstone acquired a 49% stake in One Liberty Plaza from Brookfield in late 2017. The deal valued the tower at $1.5 billion, according to Real Capital Analytics. Brookfield acquired the 47-year-old property in 1996 as part of a bankruptcy sale.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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