Blackstone Closes on 49 Percent Stake in 1 Manhattan West
By Celia Young March 15, 2022 4:33 pm
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Manhattan-based investment goliath Blackstone closed on its deal for a 49 percent stake in 1 Manhattan West — in a deal that values the office building at $2.85 billion.
The sale of the stake in the 67-story property, at 395 Ninth Avenue, closed Monday, according to Brookfield Asset Management, which owns the building with its partner Qatar Investment Authority.
“We are long-term believers in New York and are confident that quality properties like 1 Manhattan West will continue to see strong tenant demand,” Qahir Madhany, a managing director in Blackstone’s real estate group, said in a statement.
Brookfield put the stake in the office property up for sale in September 2021, with a Cushman & Wakefield team led by Doug Harmon and Adam Spies. The 2.1 million-square-foot Hudson Yards building opened in 2019 and is over 90 percent leased to firms that include Skadden, Arps, Slate, Meagher & Flom and the National Hockey League, as Commercial Observer previously reported.
“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,” Ben Brown, Brookfield’s managing partner, said in a statement.
Blackstone has its eye on another million-dollar acquisition — the firm was in talks to acquire the luxury rental tower at 8 Spruce Street for $930 million at the end of last year. The transaction is expected to close early this year, CO reported.
Harmon and Spies did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
