Business is booming.

Blackstone close to deal for New York tower in bet on office work

87


Blackstone is close to acquiring a stake in one of New York’s newest office towers, in a deal that would value the 70-storey skyscraper at $2.85bn and signal confidence that the crisis-hit city will remain the nexus of corporate America.

Built on the eve of the pandemic, One Manhattan West abuts the giant Hudson Yards redevelopment and has sweeping views of the Hudson river.

Canadian investment group Brookfield Asset Management began picking up land for the development decades ago, when it acquired assets from the failed property conglomerate ​​Olympia & York.

The building opened in September with blue-chip tenants including accountancy group EY, law firm Skadden Arps and the National Hockey League. Leases run for an average term of 16 years.

As well as speaking to Blackstone’s bullish outlook on New York, the deal underscores how one of the world’s biggest alternative asset managers is trying to appeal to a broader range of investors as it seeks new sources of growth.

The $731bn private capital group is set to acquire a 49 per cent stake in the Brookfield-controlled building through its real estate investment trust, called Breit, according to two people familiar with the situation. The Wall Street Journal first reported the deal negotiations.

Unlike Blackstone’s buyout funds, which mainly accept investments from large institutions such as pension funds, Breit is geared towards wealthy individual investors, and accepts initial investments as small as $2,500.

One Manhattan West is among a select group of new office towers that are emerging from the pandemic in good financial shape, drawing in top-paying tenants by promising modern amenities and proximity to transit hubs.

One Vanderbilt, a 93-storey tower that opened in midtown Manhattan last year, has already surpassed 90 per cent occupancy, the Financial Times reported in October.

Technology group Google announced in September that it was paying $2.1bn to buy out its former landlord at St John’s Terminal, an airy office complex built on the site of a former rail freight yard adjacent to the High Line public park.

Yet even as the city’s newest developments draw in investment capital and tenants, older buildings have suffered.

Some have divided their floors into smaller units and are occupied by midsized businesses that have been reluctant to pay for expensive office space with employees increasingly working from home.

Dating from the early era of skyscraper construction, most have structural features that limit elevator capacity, obstruct views or make it more difficult to install modern amenities.

Even the most prestigious buildings have suffered. Shares in Empire State Realty Trust, owner of the art deco masterpiece that is New York’s most famous skyscraper, have fallen 35 per cent since the coronavirus arrived in the city in February last year.



Source link

87 Comments
  1. ingerne says

    precio de priligy en mexico I m 65 and have had ED issues since I was 40

  2. axorila says

    Josh Gould, UK brand name cialis online Pathways Not Available Pharmacogenomic Effects ADRs

  3. arrepaype says

    Acute hepatitis, livery injury toxicity Multiple cases buy cialis pills Metwally M, Cheong YC, Horne AW

  4. Nutalitte says

    Cantharidin is a potent and selective inhibitor of protein phosphatase 2A PP2A doxycycline online

  5. Qrkits says

    order levaquin generic buy levofloxacin 500mg generic

  6. Aywdmm says

    order dutasteride order tamsulosin 0.4mg order zofran generic

  7. Xsyowc says

    spironolactone 25mg canada buy fluconazole 100mg pills buy fluconazole 200mg pills

  8. Qlnbib says

    ampicillin 500mg oral acillin tablet erythromycin over the counter

  9. Xconnf says

    sildenafil 50mg ca order sildenafil 100mg sale methocarbamol 500mg uk

  10. Syldfb says

    order sildenafil generic estradiol oral order estrace online

  11. Gpcmxs says

    lamictal pill buy lamotrigine 200mg without prescription buy tretinoin cream generic

  12. Opdsdy says

    buy tadalis 10mg pills order diclofenac generic purchase voltaren generic

  13. Nhfefs says

    indomethacin 75mg sale buy suprax 100mg without prescription amoxicillin generic

  14. Umaubp says

    cialis 10mg generic how much are cialis pills cheap sildenafil without prescription

  15. Ykkznd says

    buy anastrozole 1mg biaxin 500mg ca sildenafil sale

  16. Fhfsfq says

    acheter cialis en ligne acheter 40mg cialis en ligne viagra sans ordonnance en pharmacie

  17. Lpkazn says

    prednisone brand when is generic cialis available buy sildenafil 100mg online

  18. Pstchk says

    tadalafil 5mg kaufen ohne rezept viagra 200mg bestellen viagra 50mg generika

  19. Cjcwuf says

    doxycycline 100mg generic buy clomid 50mg furosemide for sale online

  20. Morqis says

    buy ramipril 5mg generic order generic azelastine 10 ml azelastine cheap

  21. Lsfudc says

    order clonidine generic buy tiotropium bromide 9mcg online buy tiotropium bromide 9mcg online cheap

  22. Xtixnk says

    buspirone pills buy buspar pills generic ditropan 5mg

  23. Xtklop says

    terazosin pills sulfasalazine 500mg canada azulfidine cheap

  24. Dltjvi says

    fosamax us buy motrin 400mg generic buy pepcid 20mg online

  25. Eortef says

    tacrolimus for sale online prograf drug ursodiol 300mg drug

  26. Thhtjz says

    order isosorbide 20mg sale order telmisartan pill micardis 80mg for sale

  27. Uykxyf says

    bupropion 150 mg price quetiapine 50mg cheap seroquel oral

  28. Oervwx says

    molnupiravir tablet naproxen price order lansoprazole sale

  29. Zylnkh says

    buy sertraline generic sertraline without prescription viagra pills

  30. Wefjff says

    buy imuran order salbutamol generic viagra for men

  31. Nkuekm says

    tadalafil online fluoxetine 20mg over the counter sildenafil over the counter

  32. Ypavlo says

    tadalafil 10mg uk oral amantadine amantadine 100mg canada

  33. Eciusy says

    order revia 50mg online order albendazole purchase abilify for sale

  34. Nrzqwq says

    brand avlosulfon 100mg buy fexofenadine sale aceon 8mg for sale

  35. Awpktv says

    buy medroxyprogesterone online cheap purchase biltricide pill order cyproheptadine 4 mg pill

  36. Pfstpt says

    order provigil 100mg generic best online pharmacy canada can you buy stromectol over the counter

  37. Eblunw says

    luvox 50mg generic glipizide online order buy glucotrol 5mg pill

  38. Vgotzp says

    accutane 10mg sale buy accutane 40mg pills prednisone uk

  39. Gjowue says

    piracetam order nootropil 800 mg tablet viagra 50mg cost

  40. Lvqvpw says

    order zithromax generic azithromycin 500mg uk neurontin for sale online

  41. Dsnqox says

    order tadalafil 40mg pill cialis online buy sildenafil 50mg for sale

  42. Tfablx says

    order lasix 100mg without prescription buy lasix 100mg hydroxychloroquine 200mg pills

  43. Pxgajf says

    cialis next day buy tadalafil anafranil 25mg cost

  44. Hywcnc says

    order tadalafil pill cialis tadalafil 10mg anafranil cost

  45. Jbadpe says

    buy chloroquine 250mg buy cenforce without prescription baricitinib 2mg without prescription

  46. Gtqhrw says

    buy sporanox 100 mg without prescription order prometrium generic buy tindamax 500mg online

  47. Hzpasr says

    zyprexa oral buy olanzapine order diovan 80mg

  48. Icolux says

    order clozapine cheap clozapine 100mg decadron pills

  49. Hnipue says

    oral sildenafil 50mg order viagra 50mg pills order lisinopril 5mg pill

  50. Zodqff says

    order prilosec 10mg pill buy essays for college play poker online for real money

  51. Yalhzp says

    linezolid medication empire city casino online casino online usa

  52. Nznsnt says

    oral lopressor order tenormin 100mg for sale levitra brand

  53. Myitno says

    term papers writing do my term paper chumba casino

  54. Bimdeb says

    vardenafil order online buy methylprednisolone 4mg online medrol cost

  55. Uekrvl says

    custom dissertation services eassy help viagra for women

  56. Weoocz says

    cost clomid 100mg ventolin buy online real online casino

  57. Kekbwc says

    tadalafil 40mg for sale cialis 5mg usa sildenafil over the counter

  58. Ubztte says

    aristocort 4mg without prescription order loratadine 10mg buy clarinex sale

  59. Ujypei says

    buy priligy 60mg online order synthroid 150mcg online levothyroxine ca

  60. Qxmfca says

    order tadalafil pills buy cialis 5mg pill buy viagra for sale

  61. Irhcfo says

    orlistat 60mg sale order acyclovir online cheap zovirax 800mg oral

  62. Gzazpn says

    order tadalafil without prescription inderal 10mg price buy plavix sale

  63. Lermji says

    oral zyloprim buy rosuvastatin 20mg for sale zetia order online

  64. Fzpuev says

    buy domperidone sumycin 250mg brand order flexeril 15mg online

  65. Jxckeg says

    cozaar 50mg us cheap losartan buy topamax generic

  66. Liujhv says

    baclofen cheap buy baclofen generic cheap toradol

  67. Gpadva says

    ranitidine over the counter buy ranitidine pills order celecoxib 100mg pills

  68. Vsfbiq says

    live dealer blackjack playing poker online gamble poker online

  69. Dxcmya says

    tamsulosin 0.2mg sale aldactone 25mg tablet order aldactone pill

  70. Aysasy says

    simvastatin 20mg cheap zocor brand order proscar

  71. Yezsfe says

    metronidazole 400mg canada buy augmentin 375mg online buy sulfamethoxazole online

  72. Ilikma says

    fluconazole order viagra 50mg for sale buy viagra 50mg pills

  73. Cdiahh says

    buy keflex 250mg buy clindamycin pill buy generic erythromycin 500mg

  74. Smsoba says

    cheap cialis 5mg order sildenafil generic buy viagra for sale

  75. BernieDraks says

    https://over-the-counter-drug.com/# over the counter laxatives

  76. Oumajw says

    order sildenafil pills sildenafil 200mg for sale tadalafil tablet

  77. Pjqyxd says

    generic ceftin 500mg bimatoprost ca methocarbamol cost

  78. Nkvynb says

    play online blackjack tadalafil pills cialis 5mg price

  79. Lsqsmf says

    desyrel online order sildenafil 50mg for sale order sildenafil 50mg without prescription

  80. Jstnto says

    help with papers help me write a thesis covid ivermectin

  81. Etzkft says

    sildenafil 100mg female viagra sildenafil lamotrigine 200mg sale

  82. Lrcloq says

    deltasone 5mg drug isotretinoin for sale buy amoxicillin 500mg generic

  83. Allfpk says

    sildenafil 25mg for sale viagra 150mg for sale cialis 20mg tablet

  84. Ijljol says

    real poker online tadalafil 20mg generic cialis 10mg uk

  85. Nijqpv says

    zithromax 500mg brand order generic zithromax gabapentin 100mg without prescription

  86. Yjucyk says

    blackjack game blackjack vegas free online games order provigil 100mg

  87. Hlnzec says

    cost furosemide 40mg order hydroxychloroquine for sale hydroxychloroquine 400mg pills

Leave A Reply

Your email address will not be published.