Property

Qatar buys into Brookfield’s $8.6bn Manhattan West development

New York project spans five buildings and seven million square foot

PHOTO: The Manhattan West development will be bounded by 31st and 33rd Streets and 9th and 10th Avenues. Credit: Shutterstock

Qatar Investment Authority (QIA) and Brookfield Property Partners have entered into a joint venture for the mixed-use Manhattan West development in New York.

The NYSE-listed Brookfield Property Partners says it sold a 44% interest in the development to QIA, and upon completion the total value of the development will stand at $8.6 billion.

Manhattan West is a five-building, seven million square foot development that will include One Manhattan West, a 67-storey, two million square foot office building currently under construction and due for completion by 2019.

Other blocks include: Two Manhattan West, also spanning two million square foot; Three Manhattan West, a 62-storey luxury residential tower with 844 apartments, currently under construction with completion slated for 2018; and Four Manhattan West, which is likely to consist of a hotel or more residential units.

Five Manhattan West, a 1.8-million-square-foot office building formerly known as 450 West 33rd Street, is currently undergoing a $350 million redevelopment and will also be integrated into the scheme.

The Manhattan West campus will be divided by a two acre public park surrounded by approximately 200,000 square feet of retail space, restaurants and amenities.

“Manhattan West is on track to be the leading premier mixed-use development in the Hudson Yards district – New York City’s next great neighbourhood,” said Ric Clark, CEO of Brookfield Property Group. “The sale of an interest in Manhattan West is consistent with our strategy of actively recycling capital by partnering with leading institutional capital providers.”

Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority, said: “We are pleased to expand our relationship with Brookfield and invest in this world-class project. 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 US market.”

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