Blackstone is close to striking a deal for an office tower in Midtown Manhattan, 1345 Avenue of the Americas — which would mark the investment giant's first asset class-related investment in the city in about three years, according to a report from Bloomberg.

Currently, the 1.9 million square foot building is owned in partnership between the Fisher Brothers and JPMorgan Asset Management.

However, Bloomberg warned that there is no guarantee the two will complete the sale to Blackstone, although it's progressing in that direction as considerations remain ongoing. Also, while the negotiations for the exact price are unclear, S&P Global in a November report assessed the value of 1345 Avenue at $896 million. That represents a significant decrease from the $1.25 billion value when a loan for the property was issued.