Blackstone Acquires Stake in One Manhattan West
The deal values the office building at $2.85 billion.
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.
Designed by Skidmore, Owings & Merrill, Brookfield opened One Manhattan West in 2019 as the first new office tower within the Manhattan West development. Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased with tenants including Accenture, EY, McKool Smith, and Skadden Arps, Slate, Meagher & Flom LLP. The building is LEED Gold certified and 2021 WELL Health-Safety rated.