**Blackstone Acquires 46% Stake in Fisher Brothers Office Tower at 1345 Avenue of the Americas**
Fisher Brothers announced on Monday that Blackstone Real Estate has acquired a 46% joint-control interest in the iconic office tower located at 1345 Avenue of the Americas in Manhattan. The partnership values the property at a full capitalization of $1.4 billion.
In this strategic move, Fisher Brothers has also increased its majority ownership in the building. As part of the transaction, Fisher Brothers and Blackstone have secured an $850 million CMBS refinancing package, arranged by Morgan Stanley, JPMorgan Chase, and Citibank.
“This transaction reflects the tremendous value that premier, highly amenitized office buildings continue to offer to leading institutional investors, such as Blackstone,” said Winston Fisher, partner at Fisher Brothers. “The completion of the $850 million refinancing package enables us to continue to strategically invest in the asset, while simultaneously increasing our ownership stake in the building. We remain bullish on the long-term Manhattan investment opportunity, which has been the hallmark of our family’s business for more than a century.”
Fried Frank served as legal counsel to Blackstone Real Estate in connection with the acquisition and financing. The legal team was led by real estate partner Steven Rudgayzer and real estate partner Laurinda Martins. Tax partner Libin Zhang, real estate special counsel Jessica Mayes, and real estate associates Jack Piontkowski, Tom Gallagher, and Gabi Elias also supported the transaction.
This deal highlights continued investor confidence in top-tier office assets in Manhattan, even amid shifting dynamics in the commercial real estate market.
