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Canada Pension Plan Sells 45% Stake In Rockefeller Center's 1221 Avenue Of The Americas For $1B

Rockefeller Center in Midtown Manhattan, owned by Tishman Speyer

Canada Pension Plan Investment Board (CPPIB) has sold its 45% stake in Manhattan's 1221 Avenue of the Americas office building for $1B to a global institutional investor, the firm announced Monday.

The 50-story, 2.6M SF building is part of the Rockefeller Center complex and is valued at approximately $2.29B following the transaction; Rockefeller Group still holds its controlling stake of 55% and will continue to oversee the property.

CPPIB bought its share of the building in 2010, and managing director Hilary Spann said high valuations in Manhattan's office market spurred the sale. "We feel this is an opportune time to monetize our position in the property," she said in the release.