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Abu Dhabi wealth fund eyeing $1B from NYC asset; WeWork rebrands

S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Abu Dhabi does Manhattan

* The Abu Dhabi Investment Authority is expected to sell its majority stake in the 43-story, 845,000-square-foot 330 Madison Ave. in Manhattan, N.Y., for about $1 billion, the New York Post reported, citing unnamed sources, adding that Vornado Realty Trust, which owns a 25% stake in the property, does not intend to sell its interest.

* The Abu Dhabi Investment Council is looking to sell its 90% stake in the Chrysler Building in Manhattan along with Tishman Speyer Properties LP, which also owns a stake, The Wall Street Journal reported. The investment council acquired the stake in 2008 for $800 million.

WeWork re-works

* WeWork Cos. Inc. secured an additional US$2 billion investment from Japan's SoftBank Group Corp., scaled down from a previously anticipated US$16 billion investment. The coworking company also rebranded as The We Co., which will establish WeWork, WeLive and WeGrow as three distinct business lines.

Properties paid for

* Rockpoint Group LLC completed the $600 million purchase of the One Dag Hammarskjöld office tower in Manhattan from Ruben Cos., using $430 million in financing from Wells Fargo and Brookfield Asset Management Inc., The Real Deal reported.

* Host Hotels & Resorts Inc. closed the $302 million sale of The Westin New York Grand Central in Manhattan.

* Ryman Hospitality Properties Inc. acquired an additional stake in a joint venture that owns the Gaylord Rockies Resort & Convention Center project in Aurora, Colo., for $235 million from Aurora Convention Center Hotel Partners LLC, AREG Aurora CCH LLC and RIDA Aurora LLC.

* CBRE Group Inc. affiliate CBRE Global Investors Inc. acquired the 672-unit SkyHouse Uptown project, comprising two 24-story apartment towers in the Fourth Ward neighborhood of Charlotte, N.C., for $190 million, the Charlotte Business Journal reported, citing Mecklenburg County real estate records.

Exceeding expectations

* Carmel Partners Inc. raised $1.28 billion at the close of its seventh U.S. multifamily investment fund, exceeding its $1 billion target and hitting its hard cap of $1.25 billion, PERE News reported, citing the company's founder and CEO Ron Zeff.

* Carlyle Group LP closed the fundraising for Metropolitan Real Estate Equity Management LLC's Secondaries Program II at $1.2 billion, exceeding its $750 million target.

Featured during the week on S&P Global Market Intelligence

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