News
Norway's Central Bank Bulks Up Times Square Portfolio
February 5, 2015
Norges Bank Investment Management, one of the preeminent sovereign wealth funds when it comes to real estate investment, is reportedly in contract to acquire a stake of 11 Times Square in New York City. Sources tell The Real Deal that Norges will buy a 40% to 49% share of the 40-story, 1.1M SF Midtown Manhattan office building, which is home to Microsoft among other tenants.
Last November, SJP Properties was shopping for a similarly sized stake at the tower. Norges, which has nearly $1B in assets, also has a $684M investment in nearby 7 Times Square. Its portfolio extends beyond NYC to Boston and Washington. Sources did not disclose the price of the 11 Times Square deal.
