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Transactions - OCTOBER 29, 2015

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Qatar and Brookfield form JV on $8.6b NYC development

by Andrea Waitrovich

Brookfield Property Partners has formed a joint venture with Qatar Investment Authority on the mixed-use Manhattan West development project in New York City. In the transaction, Brookfield sold a 44 percent interest in the development to QIA. The total value of the development upon completion and stabilization is estimated to be $8.6 billion.

Manhattan West is a five-building, 7 million-square-foot development project on the west side of Manhattan, bounded by 31st and 33rd streets and Ninth and 10th avenues. The project consists of the following phases:

One Manhattan West — The 67-story, 2 million-square-foot office building currently under construction will be anchored by tenant Skadden, Arps, Slate, Meagher & Flom LLP and is scheduled for completion in 2019.

Two Manhattan West — The second 2 million-square-foot office tower will be constructed onsite following the lease-up of the first tower.

Three Manhattan West — The 62-story luxury resident

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