Blackstone is looking to purchase a sizeable stake in a Manhattan office building, 1345 Avenue of the Americas in Manhattan, according to a report from Reuters. It is working on securing an $800 million loan to fund the acquisition.
The 1.9 million square foot property is majority owned by Fisher Brothers and 49 percent by JPMorgan-linked investors. It is currently in discussions with JPMorgan Global Alternatives about the deal, Reuters said, citing sources.
The property holds an existing loan with an outstanding balance of around $600 million, which is scheduled to mature in August, according to the news outlet. However, the new debt financing will carry a floating rate.
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