Norges Bank has been expanding its portfolio of real estate in the city during the past few years, buying stakes in major office towers such as 11 Times Square and 601 Lexington Ave.
Now it's bulking up its own New York City office headquarters. The Norwegian bank, which through Norges Bank Investment Management, manages Norway's 7 trillion Norwegian kroner ($957 billion) sovereign wealth fund, has grown threefold at its perch overlooking Bryant Park.
The growth correlates with the expansion of Norges' real estate holdings in the city. Earlier this year, the company bought a minority interest in 11 Times Square, a 40-story, 1.1 million-square-foot office tower on Eighth Avenue and West 42nd Street. It also purchased interests in 7 Times Square, 601 Lexington Ave. and 2 Herald Square in recent years.
The bank has expanded into 32,000 square feet at 505 Fifth Ave., on the corner of Fifth Avenue and East 42nd Street, from about 10,000 square feet. Norges renewed its lease for the 28-story building's entire 20th floor, and added two other contiguous floors, 19 and 21.
The asking rent for the space was more than $100 per square foot. The bank is taking the space for 10 years.
