(Bloomberg) — Brookfield Asset Management Inc. is exploring a sale of a stake in One Manhattan West, an office tower constructed as part of its development project in the Hudson Yards area, according to people with knowledge of the matter.
The firm is working with brokers to solicit interest from potential bidders in a share of the property that would value it at about $2.8 billion, said one of the people, requesting anonymity because the talks are private.
Representatives from Brookfield and Cushman & Wakefield, the brokerage working with the company, declined to comment.
Brookfield said in August 2020 that it borrowed $1.8 billion, including $1.5 billion in CMBS loans, to refinance the skyscraper. DBRS Morningstar said at the time that long-term, institutional tenancy “should largely shield the property from any short- or medium-term dislocations in the Manhattan office market resulting from the ongoing Covid-19 pandemic.”
One Manhattan West is one of six buildings in a mixed-use complex that spans from 31st to 33rd streets between Ninth and 10th avenues. Brookfield is developing the project in partnership with Qatar Investment Authority.
Tenants at One Manhattan West include the law firm Skadden, Arps, Slate, Meagher & Flom and the National Hockey League.
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