Norges Bank Investment Management has agreed to acquire a 95 percent interest in an office property located at 1177 Avenue of the America’s in New York City in a new joint venture with Beacon Capital Partners (“Beacon”).
The agreement was signed on 28 August 2025, with completion expected in the third quarter of 2025.
Norges Bank Investment Management will pay 542.6 million US dollars for its 95 percent ownership interest, valuing the property at a gross value of 571.1 million US dollars.
The seller of the property is a joint venture between California State Teachers’ Retirement System and Silverstein Properties.
A Beacon subsidiary will acquire a 5 percent interest in the property. Beacon will perform the asset management for the property on behalf of the joint venture.
The property comprises approximately 1,030,000 square feet of office space.
Line Aaltvedt
Head of Communications
Cell phone: (+47) 94 85 46 56
Email: press@nbim.no
