Norway Sovereign Wealth Fund to Buy 45% of Times Square Tower

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Norway Sovereign Wealth Fund to Buy 45% of Times Square Tower


Category: Financial / Investment

The fund said the transaction values the property at $1.52 billion. Boston Properties, which is selling the stake to the fund, retained 55% and will manage the building on behalf of the partnership, according to Norges Bank Investment Management, which manages the fund.

The property occupies a full city block and is located between 41st and 42nd Street between Broadway and Seventh Avenue and was developed by Boston Properties in 2004, the fund said. The property has 1.24 million square feet of rentable space.

Mortimer B. Zuckerman, executive chairman of Boston Properties, said the company was “extremely pleased to form a new and important relationship with such a strong and reputable organization as Norges Bank, while at the same time once again demonstrating our ability to create and realize value for our shareholders through our development and management expertise.”

Norway’s wealth fund, commonly referred to as the oil fund, first tapped into the U.S. real-estate market in February, snapping up half of a $1.2 billion block of five upscale office buildings on the East Coast owned by asset manager TIAA-CREF, including a pair of office buildings in the heart of the nation’s capital.

Source: The Wall Street Journal

Published: February 1, 1970