U.S. PGIM Real Estate, SJP acquire $245 mln Manhattan office building

U.S. PGIM Real Estate, a unit of PGIM Inc, part of insurer Prudential Financial Inc., has combined with property developer SJP Properties to pay $245 million for an office and retail building in Manhattan.

The joint venture (JV), SJP-PGIM Real Estate, acquired the building from Norwegian sovereign wealth fund, Norges Bank Real Estate Management and TH Real Estate, unit of Nuveen, part of Teachers Insurance and Annuity Association.

Following the close of the deal, SJP, a partner in SJP-PGIM Real Estate joint venture, will manage and lease the building.

Further, the JV will reposition the building by renovating the lobby and adding other amenities like an outdoor garden, collaborative workspace, game room, café and bar.