Norges Bank Investment Management has agreed to acquire a 95 percent interest in an office property located at 1177 Avenue of the Americas in New York City in a new joint venture with Beacon Capital Partners.
Norges Bank Investment Management will pay $542.6 million for its 95 percent ownership interest, valuing the property at a gross value of $571.1 million.
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 percent interest in the property. Beacon will perform the asset management for the property on behalf of the joint venture.
The property comprises more than 1 million square feet of office space.
