Orange County purchased the property in 2007 for $8.5 million. Since then, several private redevelopment proposals failed to secure necessary approvals…
Norges Bank Investment Management will pay $542.6 million for its 95% ownership interest, valuing the property at a gross value of $571.1 million.
The new “Allied Health and Natural Sciences Life Sciences Center” will feature modern instructional labs, lab support areas, faculty offices, general classrooms, student spaces, and campus services.
Norges Bank Investment Management will pay $542.6 million for its 95% ownership interest, valuing the property at a gross value of $571.1 million.
NEW YORK—Norges Bank Investment Management announced on Sept. 2 it had agreed to acquire a 95% interest in 1177 Avenue of the Americas in New York City in a new joint venture with Beacon Capital Partners for approximately $543 million.
The agreement to purchase the 1,030,000-square-foot office building was signed on Aug. 28, with completion expected in the third quarter of 2025.
Norges Bank Investment Management will pay $542.6 million for its 95% ownership interest, valuing the property at a gross value of $571.1 million. Norges Bank Investment Management manages the Norwegian Government Pension Fund Global, often referred to as the Norwegian Oil Fund.
The seller of the property is a joint venture between California State Teachers’ Retirement System and Silverstein Properties.
A Beacon subsidiary will acquire a 5% interest in the property. Boston-based Beacon will perform the asset management for the property on behalf of the joint venture.
Earlier this year, insurance conglomerate H.W. Kaufman Group announced it would be moving its Manhattan offices to 1177 Avenue of the Americas.
H.W. Kaufman signed a 10-year lease for 11,012 square feet on part of the 21st floor of the 47-story tower and will relocate from its current offices one block away at 555 Fifth Ave., according to the Commercial Observer. The move is scheduled for the end of this year.
Orange County purchased the property in 2007 for $8.5 million. Since then, several private redevelopment proposals failed to secure necessary approvals…
The new “Allied Health and Natural Sciences Life Sciences Center” will feature modern instructional labs, lab support areas, faculty offices, general classrooms, student spaces, and campus services.
The acquisition of the two adjoining properties represents a strategic opportunity to create a best-in-class new building on a prominent development site in the heart of Midtown East.
The New York metro region ranked No. 2 in terms of total value of homes with severe or extreme flood risk at $295.3 billion. Miami came in first place with $306.8 billion facing severe or extreme flood risk.
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