Norway's $2 trillion sovereign wealth fund intends to invest more than half a billion dollars in a New York City office building, its latest major investment in prime global real estate.

The fund, the largest of its kind in the world, is managed by Norges Bank Investment Management (NBIM) on behalf of the Norwegian population.

NBIM said on Tuesday that it would pay $542.6 million for a 95% stake in an office property at 1177 Avenue of the Americas — also known as Sixth Avenue.

The purchase will be a joint venture with real estate investment firm Beacon Capital Partners. A subsidiary of Beacon will take a 5% stake in the building, with Beacon overseeing asset management for the 1 million square-foot property.

The deal, which values the property at $571.1 million, is expected to be com

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