Transactions - NOVEMBER 14, 2016

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Brookfield puts Manhattan office tower on the market

by Jody Barhanovich

A venture of Brookfield Property Partners and the $109.7 billion New York State Teachers’ Retirement System is planning to sell a 45-story office building in Manhattan, and have hired CBRE to market the property at 245 Park Ave. The asking price for has not been disclosed, but news sources have placed the asking price at approximately $2.1 billion, or more than $1,200 per-square-foot. NYSTRS did not comment on the issue. 

Brookfield took ownership of the1.8 million-square-foot office tower as part of its acquisition of the bankrupt Olympia & York Developments in 1996 for $400 million. Brookfield owns a 51 percent stake in the building, while NYSTRS holds 49 percent. NYSTRS paid $438 million for that stake in 2003.

The pension fund recently committed $100 million to Brookfield Real Estate Finance Fund V,

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