| Norway’s sovereign-wealth fund bought a stake in 11 Times Square, a 40-story office tower in midtown Manhattan, in a deal the seller says values the building at $1.4-billion (U.S.). Norges Bank Investment Management purchased the 45-per-cent interest from developer SJP Properties and Prudential Financial Inc., according to SJP.
Foreign investors are snapping up real estate in New York City, pushing prices to records. Construction of the 1.1-million-square-foot (102,000-square-meter) skyscraper in Times Square began before the property market collapsed in 2008, without any space leased. It landed its first tenant in 2010, when it was one month from completion. It is now about 85 per cent occupied by tenants including law firm Proskauer Rose LLP and Microsoft Corp...............................................Full Article: Source
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