Prudential Affiliate Joins in $245 Million Building Purchase

January 22, 2019 by Betsy Kim

PGIM Real Estate — an arm of Prudential Financial Inc. — has joined with SJP Properties to buy  an office and retail building in Manhattan for $245 million.

The SJP-PGIM Real Estate joint venture purchased the building, 470 Park Ave. South, for $245 million from Norway’s sovereign wealth fund, Norges Bank Real Estate Management, and TH Real Estate.

TH Real Estate is an affiliate of Nuveen, the investment management arm of Teachers Insurance and Annuity Association (TIAA).

Norges received $122 million for its 49.9% stake in the property, according to Real Capital Analytics.

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Originally Posted at ThinkAdvisor on January 21, 2019 by Betsy Kim.