According to reports, Blackstone is currently in discussions to acquire a significant portion of 1345 Ave. of the Americas from Fisher Brothers and institutional investors advised by JPMorgan Asset Management. This potential acquisition was reported by Reuters and comes after Blackstone executives expressed optimism about the stabilization of the struggling commercial real estate market during an earnings call on Thursday.
During the call, Blackstone president Jonathan Gray stated that they firmly believe in a sustained recovery for commercial real estate, citing a strong US economy and lower borrowing costs as contributing factors. While it is not yet known how much stake Blackstone would take or what price they would pay for it, this property has already attracted major tenants such as law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP who signed a long-term lease for over 750 thousand square feet in 2023.
The article originally appeared on Connect CRE.
