Blackstone to buy 49% stake in FiDi office tower from Brookfield

Deal values One Liberty Plaza at $1.5B

New York /
Dec.December 05, 2017 08:33 AM

From left: Blackstone’s Jonathan Gray, One Liberty Plaza and Brookfield’s Ric Clark

The Blackstone Group signed a contract to buy a 49-percent stake in One Liberty Plaza from Brookfield Property Partners, valuing the FiDi tower at $1.55 billion.

With a price tag of $660 per square foot, the deal is of of the most expensive downtown office sales ever recorded, the New York Post reported. Blackstone is making the investment with its core-plus fund — the low-risk, long-term investment vehicle that also owns a stake in Stuyvesant Town-Peter Cooper Village.

Brookfield put the 2.3 million-square-foot, 54-story tower up for sale in October and also considered selling the entire building, Real Estate Alert reported at the time. Cushman & Wakefield’s Doug Harmon and Adam Spies had the listing.

It’s the first time Brookfield has brought in a minority partner at one of its Manhattan Office skyscrapers.

Media company Business Insider is moving its headquarters to the building. Cosmetics firm New Avon and insurer Aon also signed leases this year.

Brookfield refinanced the building with a $784 million Morgan Stanley mortgage in August.

After years of aggressive investments in the New York real estate market, Blackstone had a more quiet 2017 — until now. In October, the company’s president Tony James said the company still sees opportunities in U.S. real estate [NYP]Konrad Putzier


Related Articles

arrow_forward_ios
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Starrett-Lehigh Building at 601 West 26th Street and 1740 Broadway (iStock, EQ Office, Suma Industries)
Commercial landlords shake up offices to lure tenants back
Commercial landlords shake up offices to lure tenants back
Brookfield Property Partners CEO Brian Kingston and 300 Vesey Street, at far left (Brookfield)
Brookfield scores $224M refi on Battery Park office tower
Brookfield scores $224M refi on Battery Park office tower
Blackstone's Kathleen McCarthy and Ken Caplan with 31-30 Hunters Point Avenue in Long Island City (Blackstone, Google Maps)
Blackstone picks up LIC warehouses for $37.5M
Blackstone picks up LIC warehouses for $37.5M
Blackstone’s Jon Gray and Skyview Mall at 40-24 College Point Blvd (Getty, Shops at Skyview)
Blackstone lands $285M CMBS refi for Flushing’s Skyview mall
Blackstone lands $285M CMBS refi for Flushing’s Skyview mall
Starwood CEO Barry Sternlicht and Blackstone CEO Stephen Schwarzman (Getty)
Blackstone, Starwood up bid for Extended Stay America
Blackstone, Starwood up bid for Extended Stay America
Many people are excited for shoppers to return, but many have switched to e-commerce. (Getty)
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
Procore CEO Tooey Courtemanche (Linkedin, SEC) 
Procore raises $635M in long-awaited IPO
Procore raises $635M in long-awaited IPO
arrow_forward_ios

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

Loading...