Saudi Arabia’s Public Investment Fund (PIF) has secured a two-third stake in a site for a proposed 1,200-foot [365.76 metres] office tower in the U.S. in Manhattan, New York, according to the Wall Street Journal.

The Kingdom’s sovereign fund has partnered with US real estate developer Related Companies.

The site, co-owned by two entities near Central Park, was purchased for more than $600 million in 2024, the news report stated.

The total development cost is expected to be more than $1 billion. PIF’s total contribution has not yet been finalised, but it has already invested $200 million, the newspaper said.

Related plans to build an office tower from an initially planned mixed-use project, comprising residential, retail and a hotel, the Wall Street Journal reported.

(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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