NEW YORK CITY—A subsidiary of Brookfield Property Partners has entered into a joint venture with Qatar Investment Authority on Manhattan West, the mixed-use development in Midtown, on the Far West Side. In the transaction, Brookfield sold a 44% interest in the development to QIA. The total value of the development upon completion and stabilization is estimated to be nearly $9 billion.
“The sale of an interest in Manhattan West is consistent with our strategy of actively recycling capital by partnering with leading institutional capital providers,” says Ric Clark, CEO of Brookfield Property Group.
“This joint venture is an example of our strategy to invest in high-quality real estate with strong partners,” adds His Excellency Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority. “It is also a further demonstration of QIA's long-term confidence in the US market."
Manhattan West is a five-building, seven-million-square-foot bounded by 31st and 33rd Streets and 9th and 10th Avenues. The project consists of One Manhattan West, a 67-story, two-million-square-foot office building, now under construction, that will be anchored by Skadden, Arps, Slate, Meagher & Flom LLP and is scheduled for completion in 2019; Two Manhattan West, the second two-million-square-foot office tower that will be constructed onsite following the lease-up of the first tower;
Three Manhattan West, a 62-story luxury residential tower, now under construction, with 844 apartment units, welcoming its first residents in 2017 with final completion slated for 2018; Four Manhattan West, for which initial plans envision a hotel or more residential units and Five Manhattan West, which wasformerly known as 450 W. 33rd St. This 1.8-million-square-foot office building is undergoing a $350 million redevelopment program.
The complex also will include a two-acre public park lined with approximately 200,000 square feet of retail, restaurants and amenities.
In the last 12 months, Brookfield has signed leases totaling more than 400,000 square feet of office space at Manhattan West to technology and media tenants, bringing occupancy to 90%.
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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.
