Silverstein, CalSTRS sell 1177 Sixth Avenue for $571M

Labor Day proved to be a relaxing holiday for Norges Bank Investment Management after it pushed the acquisition of a Midtown Manhattan property over the finish line. Norges and Beacon Capital Partners teamed up to acquire 1177 Sixth Avenue for $571 million, the bank announced early Tuesday. The sellers were Silverstein Properties and the California State Teachers’ Retirement System. Norges is taking a 95 percent ownership interest, while Beacon is picking up the remaining stake. Beacon will also assume the property’s management duties, according to the Commercial Observer. Sources told the outlet the deal was all-cash.  The deal for the […]This article originally appeared on The Real Deal. Click here to read the full story.