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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.
- ◦Sale/Acquisition
