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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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About Paul Bubny

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. 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 15-20 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 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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