Real Estate
Blackstone Set for New York Office Comeback With Midtown Buy
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Blackstone Inc. is nearing an agreement to purchase a Midtown Manhattan tower, which would mark a return to New York office dealmaking for the world’s biggest real estate investor.
The alternative asset manager is in talks to buy 1345 Avenue of the Americas, a 50-story skyscraper spanning 1.9 million square feet, according to people familiar with the matter. Blackstone is betting the worst is over for New York’s beleaguered office market, anticipating rents will surge for top tier space, the people said, asking not to be identified as the deal is not yet closed.