The Norwegian Government Pension Fund Global — widely known as NBIM — has a wonderful news this week. It now intends to invest $542.6 million just to acquire a 95% stake in a major office building at 1177 Avenue of the Americas in New York City. This major investment further signals the fund’s commitment to continue building its presence within the U.S. real estate market. The deal values the underdeveloped property at $571.1 million. It’s anticipated to be completed by the third quarter of 2025.
Formed in the late 1990s, NBIM was designed to take in and wisely invest the excess revenues that Norway receives from its oil and gas boom. The fund’s current total value just topped 19.8 trillion Norwegian kroner, or about $1.98 trillion. Its targeted investments are a testament to a strong portfolio that has ballooned in size over the years.
NBIM’s most recent purchase has been 1177 Avenue of the Americas. This move is just one piece of a larger effort to expand its footprint in New York City. The fund already holds a 45% interest in the Times Square Tower. This investment has extended beyond Madison Avenue to Broadway as well. NBIM holds a stake in a property immediately adjacent to its most recent investment on Avenue of the Americas. This action considerably bolsters its imprint in one of the world’s most cutthroat CBD real estate markets.
As of June 30, 2025, NBIM has a very diversified real-estate portfolio in 15 different countries. Within the U.S. it is 486 property investments worth more than $16 billion. This latest investment fits perfectly with NBIM’s strategy to diversify and improve the quality of its global real estate investments. Earlier in 2025, the fund announced a significant investment of $740 million to acquire a 25% interest in a property portfolio located in London’s upscale Covent Garden district.
In the first half of 2025, NBIM reported a 4% return on its unlisted real estate investments, indicating strong performance despite global economic fluctuations. NBIM’s strategic purchase of these HC prime properties demonstrate its belief in the long-term economic value created by these investments. This is particularly true in large urban cores such as New York City.