Norges Bank Investment Management and Beacon Capital Partners have agreed to purchase 1177 Sixth Avenue in Midtown Manhattan for $571 million. The sellers are Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS). The acquisition was announced by Norges early Tuesday.
Norges will hold a 95 percent ownership interest in the property, while Beacon will acquire the remaining stake and take over management responsibilities. According to the Commercial Observer, sources said the transaction is an all-cash deal.
The office building stands 47 stories tall and covers 1 million square feet, making the price approximately $571 per square foot. The new owners plan to continue operating it as an office property.
Eastdil Secured’s Gary Phillips, Will Silverman, and Sarah Lagosh negotiated the deal, which is expected to close in the coming weeks.
Silverstein Properties acquired 1177 Sixth Avenue in 2007. In 2021, Silverstein and CalSTRS bought out UBS at a valuation of $860 million. That same year, they secured a $450 million refinancing from DBR Investments Co., a Deutsche Bank affiliate, along with Wells Fargo.
Current tenants include law firm Kramer Levin, private equity firm Mill Point Capital, and nonprofit Practising Law Institute. In May, Starr Insurance & Reinsurance Limited signed for 49,000 square feet at an asking rent in the $80s per square foot.
Earlier this year, Norges paid $1.07 billion for a 45 percent stake in a portfolio of warehouses located across Southern California, New Jersey, and Pennsylvania (https://www.norgesbank.no/en/news-events/news-publications/News-items/2025/norges-warehouse-portfolio-acquisition).
In April, Silverstein withdrew its application for a $3.7 billion loan intended for developing 2 World Trade Center after deciding not to pursue federal rail infrastructure financing.
Norges and Silverstein did not immediately respond to requests for comment from The Real Deal.
