Alaska buys stake in 299 Park Avenue

The state-owned corporation that manages Alaska’s $38.2 billion investment fund has acquired a minority stake in the Manhattan skyscraper from Rockpoint Group, in a deal that is said to be worth more than $1,000 per square foot.

The Alaska Permanent Fund has purchased a 49.5 percent stake in 299 Park Avenue, a 1.1 million-square-foot office tower in Manhattan, from the Rockpoint Group. The Boston-based real estate investment management firm sold its share on behalf of its Rockpoint Real Estate Fund III, a $2.5 billion opportunistic fund formed in July 2007.

Terms of the deal were not disclosed, but Real Capital Analytics listed the sale price as $1,078 per square foot, putting the 43-story building’s value at $1.25 billion. That is nearly double the asset’s value of $687 million in January 2010, when Rockpoint’s acquired its stake from investment bank and anchor tenant UBS for $150 million in cash and the assumption of part of a $325 million mortgage.

299 Park Avenue becomes the lone New York City office holding for Alaska Permanent, which owns or has stakes in nearly 20 office properties, according to its website. The investment fund also owns the retail portion of 120 East 87th Street, a 14-story residential condominium building in New York.

Fisher Brothers, which constructed 299 Park Avenue between 1965 and 1967, owns the remainder of the property. Alaska Permanent could not immediately be reached, while its advisor, Chicago-based LaSalle Investment Management, and Rockpoint declined to comment.