Boston Properties sells 45% interest in 601 Lexington

Norwegian bank to pay $1.5B for share of Midtown tower and two Boston buildings

New York /
Sep.September 16, 2014 06:15 PM

Norges Bank Investment Management, an arm of the central bank of Norway, has reached an agreement to purchase a 45 percent interest in 601 Lexington Avenue, along with equal shares in two Boston properties, from real estate investment trust Boston Properties for $1.5 billion in cash.

Norges Bank is also picking up an equal interest share in Boston’s Atlantic Wharf Office Building and 100 Federal Street as part of the deal. Following the agreement, Norges Bank and Boston Properties will form a joint venture for each of the three properties, with the latter retaining property and leasing management.

The 1.6 million-square-foot Class A office building complex at East 53rd Street in Midtown rises 59 stories and also includes a six-story low-rise office and retail property. The managing partners will consider a redevelopment and repositioning of the low-rise component in the coming years, according to Seeking Alpha. Currently, the property is 99 percent leased. [Seeking Alpha]Julie Strickland


Related Articles

arrow_forward_ios
Boston Properties CEO Owen Thomas and 360 Park Avenue South (RER, CBRE)
Boston Properties closes on Midtown South office building
Boston Properties closes on Midtown South office building
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties’ Owen Thomas, Vornado Realty Trust’s Steve Roth, Paramount Group’s Albert Behler, SL Green’s Marc Holliday and Empire Real Estate Trust’s Tony Malkin  (iStock, slgreen.com, vno.com, paramount-group.com, esrtreit.com, LinkedIn)
Office landlords profess optimism despite dip in occupancy
Office landlords profess optimism despite dip in occupancy
Food52 CEO Amanda Hesser, Rudin Management president Eric Rudin and 1 Dock 72 Way in Brooklyn (Getty, Rudin)
Rudin’s Dock 72 notches Food52 as second tenant
Rudin’s Dock 72 notches Food52 as second tenant
Vice Media CEO Nancy Dubuc, Rudin Management's Bill Rudin and Dock 72 (Getty)
Vice plans move to Rudin’s Dock 72
Vice plans move to Rudin’s Dock 72
Boston Properties CEO Owen Thomas (Thomas by Axel Dupeux, iStock)
Work-from-home threat “overstated,” Boston Properties CEO says
Work-from-home threat “overstated,” Boston Properties CEO says
Gotham Organization Chairman Joel Picket with the proposed development at 130 Felix Street. (Getty, 130 Felix)
These projects just beat the rezoning deadline
These projects just beat the rezoning deadline
Boston Properties CEO Owen Thomas and 360 Park Ave South (Thomas by Axel Dupeux, 360 Park Ave South via CBRE)
Boston Properties to acquire 360 Park Ave South ground lease
Boston Properties to acquire 360 Park Ave South ground lease
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...