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**Norges Bank JV to Acquire Americas Tower in Midtown Manhattan**
Norges Bank Investment Management announced on Tuesday that it has reached an agreement to acquire a 95% interest in Americas Tower, a prominent office building located at 1177 Avenue of the Americas in Midtown Manhattan. The acquisition comes as part of a joint venture with Beacon Capital Partners.
The ownership stake is being acquired from Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS). Norges Bank’s investment of $542.6 million values the entire 1.03 million-square-foot office tower at approximately $571.1 million. As part of the agreement, a subsidiary of Beacon Capital Partners will acquire the remaining 5% interest and take on the role of property manager for the joint venture.
Eastdil Secured served as the representative for Silverstein and CalSTRS in the transaction. Notably, Eastdil also facilitated the previous sale of the property in 2007, when Paramount Group sold it to the Silverstein/CalSTRS partnership.
According to reports, the current sale price reflects a significant loss for the sellers, who originally acquired the property for $1 billion nearly two decades ago.
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