AEW Grabs Minority Stake In One New York Plaza For $223M
The deal closed Dec. 21 for about $550/SF, and AEW’s 15% stake values the plaza at about $1.4B, The Real Deal reports. Back in May, Brookfield sold a 49% stake in the building for $683.5M to sovereign fund China Investment Corp. Brookfield is left with 35% ownership in the tower; it will continue to oversee management and leasing.
AEW bought the tower through its AEW Core Property Trust, which consists of several pension funds, and the deal was brokered by CBRE’s Darcy Stacom and William Shanahan. [TRD]