Brookfield Property Partners is partnering with the Qatar Investment Authority – the energy-rich nation’s sovereign wealth fund – on Brookfield’s $8.6 billion Manhattan West mixed-use development on the Far West Side.
QIA will acquire a 44 percent stake in the five-building project — which includes a 62-story, 844-unit residential tower currently under construction and the 67-story One Manhattan West office building slated for completion in 2019.
The deal, announced Wednesday, is not the first time the two parties have teamed up, according to Bloomberg, with the sovereign wealth fund joining forces with Brookfield earlier this year to acquire London-based firms Canary Wharf Group and Songbird Estates.
QIA, which controls more than $250 billion in funds, said last month that it plans to invest $35 billion in the U.S. over the next five years and opened a new York office to “better access new and existing investment partners.”
Brookfield said in April that it would start construction on 1 Manhattan West after signing a lease with law firm Skadden, Arps, Slate, Meagher & Flom to anchor the 2.1 million-square-foot office tower.
Like the Related Cos.’ Hudson Yards mega-development, the Manhattan West project hopes to draw office tenants who have long gravitated to the Midtown business district west toward the Hudson River. [Bloomberg] – Rey Mashayekhi