Brookfield Property Partners LP and Qatar Investment Authority said they've formed a joint venture on a $8.6 billion mixed-use project under construction on Manhattan's far West Side.
Manhattan West plans call for five buildings, including a 62-story, 844-unit residential tower that's already under construction and a 67-story office skyscraper that will be anchored by the law firm Skadden, Arps, Slate, Meagher & Flom LLP and is scheduled for completion in 2019. Qatar Investment Authority will acquire a 44% stake in the development, the companies said in a statement Wednesday.
The sovereign wealth fund teamed with Brookfield earlier this year on deals to acquire London's Canary Wharf Group and builder Songbird Estates Plc.
"Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project," said Bruce Flatt, chief executive officer of parent Brookfield Asset Management Inc., said in the statement.
Brookfield said in April it would start building its 1 Manhattan West office tower after signing a lease with Skadden, Arps for about a quarter of the skyscraper. The agreement jump started office construction at the Manhattan West project, part of an effort to draw the midtown business district west toward the Hudson River.
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NEW YORK | 1 + 2 Manhattan West | FT + 995 FT | 67 + 69 FLOORS
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