Deal values office tower at $1.55B
Blackstone has entered into contract to buy a 49 percent stake in One Liberty Plaza from Brookfield Property Partners, according to the NYPost. The deal values the FiDi office tower at $1.55 billion and is one of the most expensive downtown office sales ever recorded.
Dig Deeper: One Liberty Plaza’s 2.3 million square feet on 54 floors make it one of Manhattan’s largest towers. The property is over 94 percent leased.
Sound Smart: Blackstone is signaling their confidence in the Manhattan office market. At $674 per square foot, the investment is part of its core-plus fund and suits its low-risk, long-term strategy well.