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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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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