Canada Pension Plan Investment Board is close to buying a 49 percent stake in Manhattan’s 1 Park Ave., a prewar office tower controlled by Vornado Realty Trust, according to a person with knowledge of the deal.
SL Green Realty Corp. , New York’s biggest landlord, agreed to sell its minority stake in McGraw- Hill Cos. headquarters building in Midtown for $576 million to help pay for purchasing two other Manhattan office towers.
Clarion Partners LLC, a real estate owner overseeing almost $30 billion, made millions buying Manhattan office buildings and towers in Seattle and Houston after the U.S. property crash began six years ago. It’s now moving to the outskirts of big cities.
The Fontainebleau Miami Beach is booked solid next week as bankers prepare to crowd the iconic lobby for cocktails at an annual bond-market convention. For owner Jeffrey Soffer, the conference helps justify a $1 billion makeover that almost cost him the property three years ago.
London’s commercial property market has probably drawn the most investment for the second consecutive year as prospects of rising rental income attract cash from as far afield as Hong Kong, Qatar and Canada.