Brookfield, Blackstone Weigh a Sale of NYC’s One Liberty Plaza
The real estate investors are seeking $1.6 billion to $1.7 billion from the sale of the Manhattan office skyscraper.
(Bloomberg) -- Brookfield Property Partners and Blackstone Group Inc. are weighing a sale of One Liberty Plaza, a downtown Manhattan office skyscraper, people with knowledge of the matter said.
The real estate investors are seeking around $1.6 billion to $1.7 billion from a full sale of the tower, said the people, who requested anonymity because the talks are private. Representatives for Brookfield and Blackstone declined to comment.
The property, located at 165 Broadway in the Financial District, has more than 2.3 million square feet of office space, according to Brookfield’s website. Built in 1972, it counts law firm Cleary Gottlieb Steen & Hamilton LLP and the Financial Industry Regulatory Authority as well as flexible-workspace providers Convene and Regus among its tenants.
A sale of the tower would probably rank among the largest New York office transactions this year. The city’s office properties were 92.3% occupied in 2019, down from 92.8% a year earlier, according to a report by Jones Lang LaSalle Inc.
Cushman & Wakefield advised on those transactions and is currently marketing One Liberty Plaza.
Blackstone acquired a 49% stake in the building from Brookfield in late 2017 in a deal that valued the tower at $1.5 billion, according to data provider Real Capital Analytics.
Industry publication Real Estate Alert reported last month that Brookfield and Blackstone had discussed selling a partial interest in the building.
To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.net
To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Christine Maurus
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