Blackstone Real Estate has acquired a 49 percent stake in One Manhattan West from Brookfield and Qatar Investment Authority, valuing the 67-story office building at $2.85 billion. The 2.1-million-square-foot property is part of Manhattan West, Brookfield and QIA's 8-acre, 7-million-square-foot commercial complex on Manhattan's west side.
"The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic," said Brookfield Managing Partner Ben Brown in prepared remarks.
The deal points to the growing realization that high-quality New York real estate is still well positioned despite the reluctance of many workers to return to the office. It also highlights investors' willingness to pay big for these assets.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
