The $77.6 billion State Teachers Retirement System of Ohio has paid $431.9 million for a 20 percent stake in a New York office building in Hudson Yards, according to news sources.
Other investors in the property are German insurer Allianz and the Kuwait Investment Authority.
The property is a 52-story, 1.7 million-square-foot tower at the corner of 10th Avenue and West 30th Street.
The deal includes a $1.2 billion refinancing of the property’s debt from Deutsche Bank and Goldman Sachs. The deal valued the tower at $2.15 billion, according to the Real Deal.
Hudson Yards is a large-scale mixed-use development on Manhattan’s West Side, near the Hudson River. When finished, the project will include 18 million square feet of commercial and residential space.
The Related Companies and Oxford Properties Group are the majority owners of the property.