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Report: Blackstone under contract for stake in Brookfield Property's NYC tower

Blackstone Group LP is under contract to buy a 49% stake in Brookfield Property Partners LP's One Liberty Plaza office tower in lower Manhattan, N.Y., the New York Post reported, citing industry sources.

The deal, which is expected to close by the end of 2017, values the 2.3 million-square-foot property at over $1.5 billion, or about $660 per square foot, the report said, citing the sources.

Brookfield Property was recently reported to have enlisted Cushman & Wakefield to market the 54-story, 94%-leased asset.