Church Strikes Deal with $830B Sovereign Wealth Fund
Manhattan's Trinity Church just hitched with an unlikely partner in Norway's $830B sovereign wealth fund to help the church "diversify its real estate assets," Trinity spokesperson Betsy Vorce says. The church's governing body came to the final vote on this week. The fund—the largest of its kind in the world—will have holdings in the church's 11 office buildings in the Hudson Square neighborhood with plans to help the church sustain its many programs, services and ministries. CBRE Group's Darcy Stacom reps the church. Located on Wall Street, the church has owned Manhattan properties since the 1700s and the transaction will handle about 5M SF. Norway's sovereign wealth fund has been active, picking up stakes in New York, Paris and Berlin. Its New York properties include Times Square Tower and 601 Lexington Ave. Tenants include MTV Networks and Saatchi & Saatchi, from which the church is owed $2.2B in future rent commitments. [Bloomberg]
