Norges Bank sells off New York property

Norges Bank Real Estate Management, on behalf of the Norwegian Government Pension Fund Global, has disposed of an office property in New York that it owned in partnership with TH Real Estate. 

The agreement to sell the property, located at 470 Park Avenue South in New York, was signed on 12 December 2018, with completion expected on 19 December 2018. 

Norges Bank Real Estate Management will receive $122m 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.