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Blackstone buys stake in NY tower from Brookfield, QIA

Blackstone Real Estate has acquired a 49 per cent stake in One Manhattan West in New York City fr...

One Manhattan West, New York, NY (Courtesy Brookfield Properties)

One Manhattan West in New York City. (Courtesy Brookfield Properties)

Blackstone Real Estate has acquired a 49 per cent stake in One Manhattan West in New York City from Brookfield Asset Management (BAM-A-T) and the Qatar Investment Authority (QIA). The sale values the 67-storey, 2.1 million-square-foot office tower at $3.65 billion Cdn.

One Manhattan is a part of Manhattan West, Brookfield and QIA’s eight-acre, seven million-square-foot commercial complex on Manhattan’s west side. Brookfield opened One Manhattan West in 2019 as the first new office tower within the larger complex on the corner of Ninth Avenue and 33rd Street.

It was designed by the Chicago-based architectural firm Skidmore, Owings and Merrill and its tenants include Accenture, EY, McKool Smith, and Skadden Arps, Slate and Meagher & Flom LLP. The building is LEED Gold certified and 2021 WELL Health-Safety rated.

About One Manhattan West

The One Manhattan website states it is “directly connected to 240,000 square feet of experiential retail.”  The building has direct access to the new Empire Station Complex, Penn Station and is a short walk to the high line.

“The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” Brookfield managing partner Ben Brown said in a statement.

“One Manhattan West is home to some of the world’s leading companies and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.”

Brookfield Asset Management, headquartered in Toronto, holds approximately $880 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit in 2021.

The QIA, established in 2005, is the sovereign wealth fund of the State of Qatar and a global investment organization.

Blackstone Real Estate (BX-N) holds $279 billion of investor capital under management.

It is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail.

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