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. Â
Eastdil Secured represented Silverstein and CalSTRS, as it had represented the 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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