Brookfield Property Partners LP and Qatar Investment Authority have joined forces on the Manhattan West construction project. Qatar Investment Authority will acquire a 44 percent stake in the project, Bloomberg Business reported yesterday.
The project is an $8.6 billion dollar undertaking and includes five buildings, one a 62-story residential tower and another a 67-story office building. The residential tower is already underway; the office building is slated for completion in 2019.
Brookfield first announced it would begin construction on its 1 Manhattan West office tower in April. Brookfield’s deal with Skadden, Arps catalyzed the project: the law firm signed for 550,000 square feet of office space, equivalent to about one-fourth of the skyscraper’s total capacity.
Qatar’s sovereign wealth fund’s investment comes as another step in its efforts to expand its assets in the U.S. Its current assets exceed $250 billion and according to Bloomberg Business, Qatar plans to invest $35 billion in the U.S. over the next five years.
The current deal is yet another sign of the vast development potential of Manhattan’s west side.