Fisher Brothers said Monday that funds affiliated with Blackstone Real Estate acquired a 46% joint-control interest in 1345 Ave. of the Americas at a full capitalization of $1.4 billion. Fisher Brothers, investing alongside Blackstone, also increased its majority ownership. In addition, Fisher Brothers and Blackstone completed an $850-million CMBS refinancing provided by Morgan Stanley, JP Morgan Chase and Citibank.
“This transaction reflects the tremendous value that premier, highly amenitized office buildings continue to offer to leading institutional investors, such as Blackstone,” said Winston Fisher, partner at Fisher Brothers. “The completion of the $850-million refinancing package enables us to continue to strategically invest in the asset, while simultaneously increasing our ownership stake in the building. We remain bullish on the long-term Manhattan investment opportunity, which has been the hallmark of our family’s business for more than a century.”
Fried Frank acted as counsel to Blackstone Real Estate. The Fried Frank team was led by real estate partner Steven Rudgayzer in connection with the acquisition and real estate partner Laurinda Martins in connection with the financing, and included tax partner Libin Zhang, real estate special counsel Jessica Mayes and real estate associates Jack Piontkowski, Tom Gallagher and Gabi Elias.
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