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Sign in Sign up for a FREE subscriptionTPG joins JV in $308m NYC office acquisition
TPG Real Estate Partners has joined in a joint venture between GFP Real Estate and Northwind Group in the $308.5 million acquisition of the 915,000-square-foot office building at 7 Hanover Square in Manhattan, reported Real Estate Alert.
The 27-story tower, also known as The Guardian Life Building, was built in 1982 and last renovated in 2005. The new owners plan to redevelop the asset.
GFP Real Estate acquired the asset with Northwind Group in 2018, which is expected to close later this year.
Recently, TPG Real Estate Partners held the final close on its latest opportunity fund, TPG Real Estate Partners III. The fund secured more than $3.7 billion of capital commitments and was oversubscribed.
