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Acquisitions

Blackstone buys stake in One Liberty Plaza

Deal values office tower at $1.55B

One Liberty Plaza (Credit: Brookfield Property Partners)

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.

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