NBIM continues to expand NYC presence
Norges Bank Investment Management, which invests on behalf of Norway’s Government Pension Fund Global, has purchased another office property in New York City. An official announcement has not been released.
The sovereign wealth fund is under contract to purchase a 40 percent to 49 percent stake in 11 Times Square, a 1 million-square-foot property in Manhattan's Midtown West sector. The sellers are SJP Properties and Prudential Real Estate Investors, which acquired the property for $306 million in 2006. A sales price has not been estimated.
Occupancy at the 600-foot-tall Midtown tower, also known as 640 Eighth Ave., is at more than 85 percent. Major tenants include Microsoft, which occupies more than 200,000 square feet, and law firm Proskauer Rose, which occupies 400,000 square feet.
The acquisition is part of NBIM's efforts to reach