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25

Canada Pension Board Sells NYC Building Stake for $1.03 Billion

By Tony Seruga

Canada Pension Plan Investment Board sold its 45 percent stake in the former McGraw-Hill Building, part of the Rockefeller Center complex in midtown Manhattan, for $1.03 billion.

The buyer was a global institutional investor that wasn’t named. Rockefeller Group will keep the remaining 55 percent of 1221 Avenue of the Americas, and will continue to manage the 50-story, 2.6 million-square-foot (241,500-square-meter) tower, the pension fund said in a statement Friday. The transaction values the building at $2.29 billion…

Canada Pension Board Sells NYC Building Stake for $1.03 Billion

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