Sept. 3 (UPI) -- The world's largest wealth fund, Norges Bank Investment Management, announced a $542.6 million in a New York City building.
The Norway-based fund, run by the country's central bank, said Tuesday in a release it will purchase a 95% ownership stake in the property at 1177 Avenue of the Americas
The firm will purchase the coveted Sixth Avenue building from the California State Teachers' Retirement System and Silverstein Properties in a joint venture with Beacon Capital Partners, which will take a 5% stake in ownership.
According to Norges, the 1-million-square-foot building in New York is to be overseen by Beacon.
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