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New York & Tri-State  + Midtown New York  + Office  |  December 19, 2021
Brookfield Properties and Rethink Food have partnered to launch the first Rethink-certified campus at Manhattan West
Paul Bubny
By: Paul Bubny

Blackstone Near Deal for One Manhattan West Stake: Reports

Blackstone is close to taking a 49% stake in Brookfield Asset Management’s One Manhattan West in a deal that would value the 70-story skyscraper at $2.85 billion, according to reports in the Financial Times and the Wall Street Journal.  

Brookfield, which owns the 2.1-million-square-foot office tower in a partnership with Qatar Investment Authority, listed the property in September. One Manhattan West opened its doors that same month. 

FT reported that along with signaling Blackstone’s confidence in a rebounding office market, the deal shows it trying to appeal to a broader range of investors. The One Manhattan West stake would be acquired through Blackstone Real Estate Income Trust, which is geared toward wealthy individuals. 

One Manhattan West is among a select group of new office towers that are emerging from the pandemic in good financial shape, drawing in top-paying tenants with modern amenities and proximity to transit hubs, reported FT. 

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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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