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Blackstone Deal Values One West Manhattan at $2.85B

Blackstone Deal Values One West Manhattan at $2.85B 

The real estate arm of private equity giant Blackstone has acquired a 49% stake in the One West Manhattan tower from Brookfield and Qatar’s sovereign wealth fund the Qatar Investment Authority, the three said in a press release.

One West Manhattan is a 67-story, 2.1 million-sf tower that is part of Manhattan West, Brookfield and Qatar Investment Authority’s 8-acre, 7-million-square-foot commercial complex on Manhattan’s west side. 

“The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” said Brookfield Managing Partner Ben Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.”

The deal values One Manhattan West at $2.85 billion. Blackstone said the strong valuation for the property reflected Blackstone’s belief in Manhattan real estate over the long term, especially for trophy properties like One Manhattan West that are leased to a roster of top corporate names.    

Designed by Skidmore, Owings & Merrill, Brookfield opened One Manhattan West in 2019 as the first new office tower within the Manhattan West development. Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased with tenants including Accenture, EY, McKool Smith, and Skadden Arps, Slate, Meagher & Flom LLP. 

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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