Norges Bank Investment Management (NBIM), the Norwegian sovereign wealth fund, is partnering with Boston Properties on a 49-story office tower to be built at 343 Madison Avenue.
NBIM bought a 45% stake in the 900K SF development in proximity to Grand Central Station. The partners have signed a 99-year ground lease for the site with the owner, NYC's Metropolitan Transportation authority, Bloomberg reported.
The ground lease requires the developers to build a new entrance to the Grand Central Station terminal.
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