Latest news with #officeTower
Zawya
08-07-2025
- Business
- Zawya
Saudi's PIF takes stake in over $1bln skyscraper in US: WSJ
Saudi Arabia's Public Investment Fund (PIF) has secured a two-third stake in a site for a proposed 1,200-foot [365.76 metres] office tower in the U.S. in Manhattan, New York, according to the Wall Street Journal. The Kingdom's sovereign fund has partnered with US real estate developer Related Companies. The site, co-owned by two entities near Central Park, was purchased for more than $600 million in 2024, the news report stated. The total development cost is expected to be more than $1 billion. PIF's total contribution has not yet been finalised, but it has already invested $200 million, the newspaper said. Related plans to build an office tower from an initially planned mixed-use project, comprising residential, retail and a hotel, the Wall Street Journal reported. (Writing by P Deol; Editing by Anoop Menon) (
Bloomberg
04-06-2025
- Business
- Bloomberg
Brookfield Office Tower in LA Sells for 42% Less Than 2005 Price
A unit of Brookfield Corp. sold an office tower in downtown Los Angeles for $210 million, 42% less than its purchase price in 2005. While the deal was at a deep discount, the price-per-square foot — about $201 — topped other recent office sales downtown, according to Kevin Shannon, the Newmark Group Inc. broker who represented Brookfield. Those prices have been around $150 or less per square foot, he said.
