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CPPIB offloads 45% stake in Manhattan property for $950M

Canada Pension Plan Investment Board, or CPPIB, sold its 45% stake in a Manhattan office property to a global institutional investor for net proceeds of about $950 million.

The gross value of the company's interest in the property, 1221 Avenue of the Americas, stands at $1.03 billion, bringing its total value to $2.29 billion.

CPPIB acquired its ownership interest in 2010 for about $576 million, according to a Dec. 23 release.

The remaining 55% interest is owned by the Rockefeller Group, which intends to continue managing the asset following the sale.