A real estate fund managed by UBS Global Asset Management is in contract to purchase a minority stake in Silverstein Properties and the CalSTRS pension fund’s Americas Tower in Midtown West, The Real Deal has learned.
The Swiss financial services giant is acquiring the stake in the 975,000-square-foot tower, between West 45th and 46th streets, for an unspecified price. The size of the minority stake could not be confirmed. A spokesperson for CalSTRS said the pension fund’s 47.5 percent interest is not expected to change.
No brokers were involved on either side of the deal, sources said.
Silverstein and California State Teachers’ Retirement System jointly acquired the tower from the Paramount Group in 2007 for roughly $1 billion, as previously reported.
News of the sale was first reported by Real Estate Alert. The landlords are seeking a $360 million loan as they work to restructure the building’s mix of debt and equity.
Representatives for UBS and Silverstein declined to comment.
Constructed in 1992, the Class A office property is 92 percent occupied, according to Real Capital Analytics data. The tower underwent a renovation in 2012.
Tenants include law firm Kramer Levin Naftalis & Frankel, Bank Hapoalim, the nonprofit Practising Law Institute and global asset management firm Aviva Investors America. Aviva signed a lease last month for a nearly 12,000-square-foot space with an asking rent of $80 per square foot, as previously reported.