The acquisition was completed on 18 August 2017.
Norges Bank Real Estate Management acquired its 48 percent share in the 93-year ownership interest for 223 million US dollars from Trinity Church Wall Street, valuing the property at 865 million US dollars. Hines will serve as the operating partner and has also acquired a 1 percent interest from Trinity Church Wall Street. The asset is encumbered by a 400 million dollar senior mortgage.
The property is located between King Street and West Houston Street, in the same submarket as the 11-asset portfolio that the joint venture between Norges Bank Real Estate Management, Trinity Church Wall Street and Hines has held since December 2015.
The property comprises 1.1 million square feet of office and retail space.
Photo: Norges Bank Real Estate Management