CPPIB Pockets $1B on Sale of NYC Office Stake
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1221 Avenue of the Americas (courtesy of Cushman & Wakefield)
New York—Canada Pension Plan Investment Board has let go of its 45 percent ownership stake in 1221 Avenue of the Americas, a 2.6 million-square-foot office tower at Rockefeller Center in Midtown Manhattan. The Toronto-based pension fund sold its share of the 50-story skyscraper to a global institutional investor for $1 billion in a deal valuing the asset at a whopping $2.3 billion.
Developed in 1972 to house the headquarters of McGraw-Hill, the Harrison, Abromovitz & Harris-designe building features 20,000 square feet of ground-level retail space, and is home to a diverse group of tenants ranging from Sirius XM Radio to international law firm White & Case LLP, which inked a lease for 440,000 square feet at the Class A+ property in 2014. Commercial real estate services firm Cushman & Wakefield has been serving as the exclusive leasing agent at 1221 AoA since 2013. Rockefeller Group, which owns the remaining 55 percent share of the building, will continue in its role as property manager…
