Brookfield and Qatar Investment Authority Sell 49% Stake in One Manhattan West to Blackstone Real Estate

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Sale Values Workplace Tower At $2.85 Billion

BROOKFIELD NEWS, March 14, 2022 (GLOBE NEWSWIRE) — Brookfield (NYSE: BAM, TSX: BAM.A) and Blackstone (NYSE: BX) right now introduced that Blackstone Actual Property has acquired a 49 % stake in One Manhattan West from Brookfield and Qatar Funding Authority (QIA). The deal values the workplace constructing at $2.85 billion. The 67-story, 2.1-million-square-foot constructing is a part of Manhattan West, Brookfield and QIA’s 8-acre, 7-million-square-foot industrial complicated on Manhattan’s west facet.

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“The partial sale of One Manhattan West and the curiosity we obtained as quickly as we advertise are clear validations that the very best high quality workplace properties are seeing huge demand popping out of the pandemic,” mentioned Brookfield Managing Accomplice Ben Brown. “One Manhattan West is residence to a few of the world’s main corporations, and their continued want to work from and develop within the constructing is a promising signal for Manhattan West and prime, well-located workplace belongings broadly.”

Qahir Madhany, Managing Director at Blackstone Actual Property, mentioned, “One Manhattan West is a brand-new, best-in-class constructing that’s enticing to tenants and represents a continuation of our technique concentrating on well-leased, transit-oriented, extremely amenitized and newly constructed belongings in gateway markets. We’re long-term believers in New York and are assured that high quality properties like One Manhattan West will proceed to see sturdy tenant demand.”

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Designed by Skidmore, Owings & Merrill, Brookfield opened One Manhattan West in 2019 as the primary new workplace tower throughout the Manhattan West improvement. Positioned on the nook of Ninth Avenue and thirty third Avenue, One Manhattan West is leased with tenants together with Accenture, EY, McKool Smith, and Skadden Arps, Slate, Meagher & Flom LLP. The constructing is LEED Gold licensed and 2021 WELL Well being-Security rated.

About Brookfield
Brookfield is a number one world different asset supervisor with roughly US$690 billion of belongings beneath administration throughout actual property, infrastructure, renewable energy, non-public fairness, and credit score. Brookfield owns and operates long-life belongings and companies, lots of which kind the spine of the worldwide economic system. Using its world attain, entry to large-scale capital and operational experience, Brookfield provides a spread of other funding merchandise to buyers all over the world — together with private and non-private pension plans, endowments and foundations, sovereign wealth funds, monetary establishments, insurance coverage corporations and personal wealth buyers.

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Brookfield is listed on the New York and Toronto inventory exchanges beneath the symbols BAM and BAM.A respectively.

About Blackstone Actual Property
Blackstone is a world chief in actual property investing. Blackstone’s actual property enterprise was based in 1991 and has $279 billion of investor capital beneath administration. Blackstone is the biggest proprietor of economic actual property globally, proudly owning and working belongings throughout each main geography and sector, together with logistics, residential, workplace, hospitality, and retail. Our opportunistic funds search to amass undermanaged, well-located belongings the world over. Blackstone’s Core+ technique invests in considerably stabilized actual property belongings globally and Blackstone Actual Property Earnings Belief, Inc. (BREIT), a non-listed REIT, invests in U.S. income-generating belongings. Blackstone Actual Property additionally operates one of many main world actual property debt companies, offering complete financing options throughout the capital construction and threat spectrum, together with administration of Blackstone Mortgage Belief (NYSE: BXMT).

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About QIA
Qatar Funding Authority (QIA) is the sovereign wealth fund of the State of Qatar and a world funding group, wi​th investments spanning all main world markets, asset lessons, sectors, and geographies. QIA is established by Amiri Choice no. 22 for 2005, to develop, make investments and handle the state reserve funds and different belongings assigned by the Supreme Council for Financial Affairs and Funding to diversify Qatar’s economic system.

For extra data, please go to our web site at www.qia.qa

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