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470 Park Ave. South 470 Park Ave. South

NEW YORK CITY—A joint venture of SJP Properties and PGIM Real Estate has purchased 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 TIAA.) As the operating partner, SJP will manage and lease the Midtown South office and retail building.

Norges received $122 million for its 49.9% stake in the property, according to Real Capital Analytics. The industry database also recorded that the 292,061 square-foot, 17-floor structure was built in 1912.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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