{"id":98539,"date":"2025-07-08T00:00:00","date_gmt":"2025-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/pif-invests-in-usd-1-bn-nyc-tower-with-us-based-related-cos\/"},"modified":"2025-07-08T00:00:00","modified_gmt":"2025-07-08T00:00:00","slug":"pif-invests-in-usd-1-bn-nyc-tower-with-us-based-related-cos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/pif-invests-in-usd-1-bn-nyc-tower-with-us-based-related-cos\/","title":{"rendered":"PIF invests in USD 1 bn NYC tower with US-based Related Cos."},"content":{"rendered":"

<\/strong>The Public Inves<\/strong>tment Fund (<\/strong>PIF) is partnering with New York developer Related Cos. <\/strong>to build a skyscraper in<\/strong> Manhattan<\/strong>, one block away from Central Park, unnamed sources told the Wall Street Journal<\/a>. The planned 1.2k-ft tower is expected to cost more than USD 1 bn to develop, with the PIF contributing roughly USD 200 mn so far to secure a two-thirds stake in the site.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Office or\u2026 something else?<\/strong> While the original blueprint envisioned a mix of residential, hotel, and retail uses, Related is now leaning toward developing the tower primarily as an office space, driven by renewed demand for premium commercial real estate in the city, the sources said.<\/p>\n

New York\u2019s property market is on the rebound:<\/strong> NYC rents have hit record highs and foreign investor activity has picked up sharply. Overseas buyers acquired more than USD 2.1 bn in Manhattan commercial real estate between 4Q 2024 and 1Q 2025 \u2014 5x the level from the same stretch two years ago.<\/p>\n

Interesting timing: <\/strong>The investment comes amid a broader strategy by the sovereign fund to dial back its international exposure<\/a> to 18-20%, down from 30%. Local investments made up 40% of the PIF\u2019s total deployments<\/a> in 1H 2025, with the total assets under management rising 18% y-o-y to SAR 4.3 tn<\/a> in 2024.<\/p>\n

The PIF <\/strong>has history<\/strong> with Related<\/strong>, having made a convertible debt investment in 2020 that could give it a 15% equity stake. The two have also partnered on multiple US real estate projects since then.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fund acquired a 66% stake in the tower\u2019s site, spending USD 200 mn so far<\/p>\n","protected":false},"author":1,"featured_media":98540,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2616],"tags":[10,31,3916,300],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-ksa","tag-investment-watch","tag-new-work","tag-pif-watch","wpautop","entry"],"acf":{"mongo_id":"1049034d-ba01-4679-a5f3-9a4a82ce5d02","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/7\/464.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF invests in USD 1 bn NYC tower with US-based Related Cos.","related_issue":[98534],"teaser":"The fund acquired a 66% stake in the tower\u2019s site, spending USD 200 mn so far","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.a9575255-aa04-4167-a052-ccc66ee25d2c.mp3"},"yoast_head":"\nPIF invests in USD 1 bn NYC tower with US-based Related Cos. - 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