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Norway Forms JV With Boston Properties on Midtown Office Tower
Norway’s sovereign wealth fund, Norges Bank Investment Management, has acquired a 45% stake in a planned 900,000-square-foot office tower at 343 Madison Ave in Manhattan, near Grand Central Terminal. Norges Bank and Boston Properties will form a joint venture to develop the project. Bloomberg reported.
The joint venture signed a 99-year ground lease with the Metropolitan Transportation Authority for the site, with plans to construct a new entrance to the rail terminal. Tthe development’s final plans are not yet confirmed.
NBIM currently has billions in dry powder to spend on properties from offices to logistics, John McCarthy, head of the fund’s US unlisted real estate investments, said in an interview. “There’s more capital here, and more people that are looking to take advantage of this disruption, which will allow New York to move through this period more efficiently,” McCarthy said.
- ◦Financing
