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Norges Bank, TH Real Estate to sell NYC office property

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Norges Bank, TH Real Estate to sell NYC office property

Norges Bank Real Estate Management and TH Real Estate are selling an office property at 470 Park Avenue South in New York to a partnership between SJP Properties and PGIM Real Estate.

Norges Bank will receive $122 million for its 49.9% stake in the property, which spans 301,178 square feet of office and ground-floor retail space.

The deal is slated to close Dec. 19.