Qatar Investment Authority to be stakeholder in $8.6 billion Manhattan West project
The estimated value of the completed project is $8.6 billion, with Brookfield selling a 44 percent interest in the development to QIA.
"Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project," Brookfield Asset Management CEO Bruce Flatt said. The Manhattan West project is expected to be a five-building, 7 million-square-foot development project from 31st and 33rd streets and Ninth and 10th Avenues.
"We are pleased to expand our relationship with Brookfield and invest in this world-class project," Qatar Investment Authority CEO Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani said. "This joint venture is an example of our strategy to invest in high-quality real estate with strong partners. It is also a further demonstration of QIA's long-term confidence in the U.S. market."
The first stage will be an office building with tenant Skadden, Arps, Slate, Meagher & Flom LLP. After the lease-up of the first building, a second office tower is scheduled to be constructed. A 62-story luxury residential tower is scheduled to be ready for residents in 2017. The fourth stage of the construction project will be for a hotel or further residential units.
An office building undergoing a $350 million renovation project has leased more than 400,000 of its 1.8 million square feet to Brookfield.
Finally, a public park will be divided by approximately 200,000 square feet of retail.