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Norges Bank, TH Real Estate close $245M sale of New York property

Norges Bank Real Estate Management and TH Real Estate completed the $245 million sale of their office property at 470 Park Ave. South in New York to a partnership between SJP Properties and PGIM Real Estate, the Commercial Observer reported.

Norges Bank, which owned a 49.9% stake in the building, netted $122 million from the transaction.

The 17-story building comprises 301,178 square feet between E. 31st and E. 32nd streets. SJP will become the operating partner for the building and will be managing its lease, according to the report.

The 87%-leased property's occupants include travel website Priceline, marketing consultancy firm Distillery Inc. and music agency Opus 3 Artists.