Qatar to acquire a stake in Brookfield’s Manhattan West project

Sovereign wealth fund teams with developer on $8.6B mixed-use complex

TRD New York /
Oct.October 28, 2015 05:05 PM

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


Related Articles

arrow_forward_ios
Sam Nazarian and Manhattan West

Hospitality mogul Sam Nazarian taking a bite out of Manhattan West

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

From left: London, Shanghai and Paris

In London, WeWork already reaping rewards of planned Brexit: Global property

Qatar Sotheby's International Realty General Manager Seran Gheorghe, and a view of Doha, Qatar

Sotheby’s to open new brokerage in the Middle East

Two Manhattan West and Brookfield Managing Partner Ben Brown

Brookfield seeks nearly $80M in tax breaks for 2 Manhattan West

Brookfield Property Partners CEO Brian Kingston 

Brookfield is getting into the Opp Zone game

Qatari consulate-linked entity pays $28M for Beverly Hills mansion

Qatari consulate-linked entity pays $28M for Beverly Hills mansion

arrow_forward_ios