Fund disposes office property in New York

13 December 2018

The partnership between Norges Bank Real Estate Management and TH Real Estate has signed an agreement to sell an office property located at 470 Park Avenue South in New York.

The agreement was signed on 12 December 2018, with completion expected on 19 December 2018.

Norges Bank Real Estate Management will receive 122 million dollars for its 49.9 percent ownership interest. The property was acquired in February 2013.

The buyer of the property is a partnership of SJP Properties and PGIM Real Estate.

The property comprises 301,178 square feet of office and ground floor retail space.

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