Fund makes new investments in US
PRESS RELEASE 17 September 2014
Norges Bank Investment Management (NBIM) has entered into an agreement to acquire a 45 percent interest in 601 Lexington Avenue in New York, 100 Federal Street in Boston, and the Atlantic Wharf Office Building in Boston, in a joint venture with Boston Properties.
Norges Bank Investment Management has entered into a binding purchase and sale agreement with Boston Properties, Inc. (Boston Properties) to acquire a 45 percent interest in the assets for approximately 1.5 billion dollars, equivalent to 9.6 billion kroner, valuing the properties at approximately 4.06 billion dollars, equivalent to 26 billion kroner. NBIM and Boston Properties will form a joint venture for each property upon closing, and Boston Properties will retain property and leasing management for the ventures.
601 Lexington Avenue is a 1,669,000 square foot (155,055 square meters) Class A office complex located in the heart of Midtown Manhattan at East 53rd Street and Lexington Avenue. The property consists of a 59-story tower as well as a six story low-rise office and retail building. The complex is currently 99 percent leased and encumbered by an existing 716.7 million dollar mortgage, equivalent to 4.6 billion kroner.
The Atlantic Wharf Office Building is a 791,000 square foot (73,486 square meters) Class A office tower located on Boston’s Waterfront with frontage on both the Rose Kennedy Greenway and historic Boston Harbor. Atlantic Wharf is certified LEED Platinum and was a recipient of the 2012 ULI Global Awards for Excellence. This 31-story office building was developed by Boston Properties and completed in 2011. The building is currently 100 percent leased and is unencumbered by debt.
100 Federal Street is a 1,323,000 square foot (122,911 square meters) 37 story Class A office tower located in the heart of Boston’s Financial District. 100 Federal Street occupies an entire two-acre city block and enjoys a prime location overlooking Post Office Square Park. The building is currently 91 percent leased and is unencumbered by debt.
Thomas Sevang, Head of Communications & External Relations
Tel: +47 9260 1756/+47 24 07 32 76
E-mail: [email protected]
601 Lexington Avenue. Photo: Boston Properties.
100 Federal Street. Photo: Boston Properties.
Atlantic Wharf. Photo: Anton Grassl/Esto.