It’s all good on 6th Ave…
Invesco Real Estate has purchased a minority stake—though not a small share—in 1221 Ave. of the Americas from The Canada Pension Plan Investment Board, according toPERE. The asset, which was purchased for over $1 billion, was acquired on behalf of China Investment Corp., a Beijing-based sovereign wealth fund.
The trade of a 45% stake in the Midtown office tower values the building at $2.3 billion, CPPIB tells PERE. The deal reportedly was handled by Eastdil Secured. Local property owner The Rockefeller Group will retain the remaining 55% stake and continue to operate the building. GlobeSt.com was unable to reach the parties to the deal at press time.
