NEW YORK CITY—Invesco Real Estate has purchased a minority stake—though not a small share—in 1221 Ave. of the Americas from The Canada Pension Plan Investment Board, according to PERE. The asset, which was purchased for over $1 billion, was acquired on behalf of China Investment Corp., a Beijing-based sovereign wealth fund.
The trade of a 45% stake in the Midtown office tower values the building at $2.3 billion, CPPIB tells PERE. The deal reportedly was handled by Eastdil Secured. Local property owner The Rockefeller Group will retain the remaining 55% stake and continue to operate the building. GlobeSt.com was unable to reach the parties to the deal at press time.
The transaction follows a busy leasing year at the 51-story office tower in the wake of a major renovation. The capital improvement plan was launched following the 2015 exit from the building of McGraw-Hill Financial, the anchor tenant at the tower that long was known as the McGraw-Hill building.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
