{"id":1004770363,"date":"2025-09-02T11:19:13","date_gmt":"2025-09-02T19:19:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004770363"},"modified":"2025-09-03T03:36:28","modified_gmt":"2025-09-03T11:36:28","slug":"norges-bank-jv-seals-571m-deal-for-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/","title":{"rendered":"Norges Bank JV to Pay $571M for Manhattan Tower"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0e3a2674790&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"800\" data-attachment-id=\"1004770364\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/1177-avenue-of-the-americas\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas.png\" data-orig-size=\"620,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1177 Avenue of the Americas\" data-image-description=\"&lt;p&gt;Yardi Matrix photo&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Floor plates at the 47-story tower range between 9,900 and 33,900 square feet. Image courtesy of Yardi Research Data. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas.png?w=620\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas.png?w=620\" alt=\"Exterior of 1177 Avenue of the Americas\" class=\"wp-image-1004770364\" style=\"width:373px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas.png 620w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas.png?resize=233,300 233w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Floorplates at the 47-story tower range between 9,900 and 33,900 square feet. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Norges Bank Investment Management said on Tuesday that it is teaming up with Beacon Capital Partners to acquire a Class A office building in Manhattan&#8217;s Plaza District.<\/p>\n\n\n\n<p>Norges will pay $542.6 million for a 95 percent stake in 1177 Avenue of the Americas. Beacon will own the remaining 5 percent stake at the Midtown high-rise and serve as asset manager.\u00a0The deal values the property at $571.1 million. Closing is expected by the third quarter. The deal was <a href=\"https:\/\/www.reuters.com\/business\/finance\/norway-wealth-fund-buys-95-stake-new-york-office-building-2025-09-02\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">originally reported<\/a> earlier today by Reuters.<\/p>\n\n\n\n<p>The joint venture is buying the asset from the California State Teachers\u2019 Retirement System and Silverstein Properties, which purchased the 47-story building in 2007 from Paramount Group for approximately $1 billion, or $1,000 per square foot, according to Yardi Research Data.<\/p>\n\n\n\n<p>Originally built in 1988, the property has floorplates ranging from 9,900 to 33,900 square feet. The current owners completed a renovation in 2012. Four public transit stations are located nearby. The tenant roster includes Kremer Levin, Gates Capital Management, VakifiBank and more, Yardi Research Data shows.<\/p>\n\n\n\n<p>Last summer, Silverstein signed <a href=\"https:\/\/www.commercialsearch.com\/news\/silverstein-signs-2-new-leases-at-manhattan-tower\/\">two new tenants<\/a> to the trophy tower, including Faegre Drinker Biddle &amp; Reath LLP and the Trustees of Columbia University. In December, Norges made another large <a href=\"https:\/\/www.commercialsearch.com\/news\/norges-bank-pays-977m-for-office-portfolio\/\">office portfolio investment<\/a> totaling $977 million. The portfolio spans 3.7 million square feet across eight properties in Boston, San Francisco and Washington, D.C. <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction is on track to close by the end of the third quarter.<\/p>\n","protected":false},"author":3749,"featured_media":1004770406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[34128,40376,45452,34035],"class_list":["post-1004770363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-beacon-capital-partners","tag-calstrs","tag-norges-bank-investment-management","tag-silverstein-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Norges Bank JV to Pay $571M for Manhattan Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Norges Bank Investment Management has staked a 95 percent claim in a trophy asset in Manhattan worth $571.1 million from CalSTRS and Silverstein Properties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Norges Bank JV to Pay $571M for Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"Norges Bank Investment Management has staked a 95 percent claim in a trophy asset in Manhattan worth $571.1 million from CalSTRS and Silverstein Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-02T19:19:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-03T11:36:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"465\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mikayla Sciortino\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/\",\"name\":\"Norges Bank JV to Pay $571M for Manhattan Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg\",\"datePublished\":\"2025-09-02T19:19:13+00:00\",\"dateModified\":\"2025-09-03T11:36:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f119cdcafd70d8f34fc5aa340ed5382b\"},\"description\":\"Norges Bank Investment Management has staked a 95 percent claim in a trophy asset in Manhattan worth $571.1 million from CalSTRS and Silverstein Properties.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg\",\"width\":620,\"height\":465,\"caption\":\"Floor plates at the 47-story tower range between 9,900 and 33,900 square feet. Image courtesy of Yardi Research Data.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Norges Bank JV to Pay $571M for Manhattan Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f119cdcafd70d8f34fc5aa340ed5382b\",\"name\":\"Mikayla Sciortino\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Mikayla-Sciortino-Photo-copy.jpg?w=73\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Mikayla-Sciortino-Photo-copy.jpg?w=73\",\"caption\":\"Mikayla Sciortino\"},\"description\":\"Mikayla Sciortino is an Associate Editor who joined Commercial Property Executive and Multi-Housing News in early 2025. She has a background in English and writes about news and various industry trends for both MHN and CPE. She holds a bachelor's degree in psychology.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/mikayla-sciortino\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Norges Bank JV to Pay $571M for Manhattan Tower - Commercial Property Executive","description":"Norges Bank Investment Management has staked a 95 percent claim in a trophy asset in Manhattan worth $571.1 million from CalSTRS and Silverstein Properties.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/","og_locale":"en_US","og_type":"article","og_title":"Norges Bank JV to Pay $571M for Manhattan Tower","og_description":"Norges Bank Investment Management has staked a 95 percent claim in a trophy asset in Manhattan worth $571.1 million from CalSTRS and Silverstein Properties.","og_url":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2025-09-02T19:19:13+00:00","article_modified_time":"2025-09-03T11:36:28+00:00","og_image":[{"width":620,"height":465,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg","type":"image\/jpeg"}],"author":"Mikayla Sciortino","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/","url":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/","name":"Norges Bank JV to Pay $571M for Manhattan Tower - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg","datePublished":"2025-09-02T19:19:13+00:00","dateModified":"2025-09-03T11:36:28+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f119cdcafd70d8f34fc5aa340ed5382b"},"description":"Norges Bank Investment Management has staked a 95 percent claim in a trophy asset in Manhattan worth $571.1 million from CalSTRS and Silverstein Properties.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg","width":620,"height":465,"caption":"Floor plates at the 47-story tower range between 9,900 and 33,900 square feet. Image courtesy of Yardi Research Data."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Norges Bank JV to Pay $571M for Manhattan Tower"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f119cdcafd70d8f34fc5aa340ed5382b","name":"Mikayla Sciortino","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Mikayla-Sciortino-Photo-copy.jpg?w=73","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Mikayla-Sciortino-Photo-copy.jpg?w=73","caption":"Mikayla Sciortino"},"description":"Mikayla Sciortino is an Associate Editor who joined Commercial Property Executive and Multi-Housing News in early 2025. She has a background in English and writes about news and various industry trends for both MHN and CPE. She holds a bachelor's degree in psychology.","url":"https:\/\/www.commercialsearch.com\/news\/author\/mikayla-sciortino\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1177-Avenue-of-the-Americas-featured.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004770363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3749"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004770363"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004770363\/revisions"}],"predecessor-version":[{"id":1004770432,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004770363\/revisions\/1004770432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004770406"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004770363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004770363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004770363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}