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Chinese Sovereign Wealth Fund Now Owns 49% Of One New York Plaza

Chinese Sovereign Wealth Fund Now Owns 49% Of One New York Plaza

China Investment Corp has picked up a stake in Brookfield’s One New York Plaza in the Financial District.

The sovereign wealth fund, which has over $700B under management, will take 49% ownership of the 2.6M SF Class-A office tower, leaving Brookfield the controlling interest. 

The deal puts the value of the 50-story building anchored by Fried Frank at just about $1.4B, Crain's reports.

Brookfield, which will retain its control of the property’s leasing and management, was repped by CBRE’s Darcy Stacom.

It’s not the first minority stake Bookfield’s sold to a sovereign wealth fund. Last year, it sold a 44% stake in its $8.6B Manhattan West mixed-use complex to the Qatar Investment Authority. [Crain’s]