Blackstone in Talks to Acquire Stake in New York Office Tower
New York City, USA – Blackstone Group Inc. (BX) is reportedly in discussions to purchase a substantial stake in a 50-story office building located in Manhattan from institutional investors affiliated with JPMorgan Asset Management.
This potential transaction aligns with recent indications from Blackstone executives during an earnings call, suggesting a stabilization in the previously distressed commercial real estate market.
The building at 1345 Avenue of the Americas is jointly owned by institutional investors advised by J.P. Morgan Global Alternatives and Fisher Brothers. JPMorgan Asset Management does not hold any equity interest in the property.
Sources familiar with the matter have confirmed these discussions, requesting anonymity due to the private nature of the negotiations. Both Blackstone and JPMorgan Asset Management have declined to comment.
In 2023, law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP leased 765,000 square feet of space in the building, occupying 18 floors initially.
Additional Information:
* Ticker Symbol: (BX)
* Follow: View Quote Details
* USD:
* Related News: Bloomberg News previously reported on Blackstone's discussions to acquire the building.