January 4, 2017
Invesco Real Estate, working on behalf of China Investment Corp. (CIC), paid more than $1 billion to acquire a 45% stake in 1221 Avenue of the Americas in New York City. Canada Pension Plan Investment Board (CPPIB) sold the stake, with Eastil Secured brokering the deal. Rockefeller Group will retain its 55% stake in the building, and will continue to manage the 2.5 million-square-foot asset.
CCPIB acquired the stake in the 51-story building in 2010 for approximately $500 million. “Valuations in the Manhattan office market have increased significantly since our acquisition of 1221, and we feel this is an opportune time to monetize our position in the property,” Hilary Spann, CPPIB’s head of U.S. real estate investments, said in a statement.
1221 Avenue of the Americas delivered in 1969 and is 93% occupied. Major tenants include White & Case, Morgan Stanley and Comcast.
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