California pension fund CalPERS has completed the acquisition of a 54-story Manhattan office building for $1.9 billion, according to documents filed with the New York City Department of Finance. The building at 787 Seventh Avenue was sold by AXA Financial, which originally acquired the building for $1.1 billion in June 2009. CalPERS acquired the office tower between West 51st and West 52nd Streets in part with a $780M first mortgage extended by Deutsche Bank, according to a Biznow article. Terms of the deal and representation were not disclosed; AXA originally announced it would put the property on the market in August 2015.
According to a Sacramento Bee article, the deal represents one of the priciest real estate investments CalPERS has ever made, and one of the largest deals in New York history. "The acquisition follows our real estate strategic plan to invest in core, income generating properties," said CalPERS spokesman Joe DeAnda in an email. The deal amounts to 7 percent of CalPERS' real estate portfolio, it reported. Major tenants of the building, currently known as the AXA Equitable Center, include Sidley Austin, UBS, BNP Paribas, and a Pret A Manger location that operates out of the ground floor.
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