Alternative asset management firm Blackstone, Inc. (BX) has acquired a 49% stake in One Manhattan West from Brookfield Asset Management and Qatar Investment Authority (QIA), in a deal valuing the building at $2.85 billion.
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Blackstone’s real estate unit has $279 billion in investor capital under management and is the largest commercial real estate owner across the globe. One Manhattan West is part of Brookfield and QIA’s seven million square foot commercial complex on the west side of Manhattan.
Management Weighs In
Brookfield Managing Partner, Ben Brown, commented, “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic.”
The Managing Director at Blackstone Real Estate, Qahir Madhany, said, “One Manhattan West is a brand-new, best-in-class building that is attractive to tenants and represents a continuation of our strategy targeting well-leased, transit-oriented, highly amenitized, and newly built assets in gateway markets. We are long-term believers in New York and are confident that quality properties like One Manhattan West will continue to see strong tenant demand.”
Analysts’ Take
Recently, Morgan Stanley analyst Michael Cyprus reiterated a Buy rating on the stock alongside a price target of $166. Overall, the Street has a Moderate Buy consensus rating on Blackstone based on 8 Buys and 4 Holds. The average Blackstone price target of $152.3 implies a potential upside of 40% for the stock.
Hedge Fund Activity
According to TipRanks data, Wall Street’s top hedge funds have decreased holdings in Blackstone by 802.6 thousand shares in the last quarter, indicating a very negative hedge fund confidence signal in the stock based on activities of 19 hedge funds. Notably, Ferdinand Groos’ Cryder Capital has a holding worth ~$261.9 million in Blackstone. Shares are up 45.1% over the past 12 months.
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