Overview

• Norges Bank Investment Management will take a 95% stake for $542.6 million while Beacon Capital Partners takes 5% and serves as asset manager.
• Silverstein Properties and CalSTRS are the sellers, exiting the 47-story, roughly 1 million-square-foot Midtown tower they have owned since 2007.
• The joint venture acquisition was executed in all cash, according to sources, with closing expected in the third quarter.
• The deal values the property at $571.1 million, marking a steep discount from its prior benchmarks above $1 billion in 2007 and about $860 million in 2021.
• The building remains an office property with major tenants including Kramer Levin and recent leases such as a 49,000-square-foot deal with Starr.