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Norges Bank JV to Acquire Americas Tower in Midtown Manhattan

Norges Bank Investment Management said Tuesday it had agreed to acquire a 95% interest in Americas Tower, an office property located at 1177 Ave. of the Americas in Midtown Manhattan, in a new joint venture with Beacon Capital Partners. The sellers were Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS).

The Norwegian sovereign wealth fund will pay $542.6 million for its stake in a deal that values the 1.03-million-square-foot office tower at $571.1 million. A Beacon subsidiary will acquire the remaining 5% and will manage the property on behalf of the JV.  

Eastdil Secured represented Silverstein and CalSTRS, as it had represented Paramount Group in the 2007 sale of the property to the Silverstein/CalSTRS partnership. The New York Business Journal reported that the sale to the Norges/Beacon JV comes at a loss for the sellers, who paid $1 billion for the property 18 years ago.

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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).

  • ◦Sale/Acquisition