On the 67th floor of One Manhattan West, a new glass tower in the island’s drab south-west, construction managers survey the skyline.
They are about to sign off on a feat of engineering. The 303-metre skyscraper is the tallest part of a $5bn office, retail and residential project covering an area the size of 100 football fields. Resting on a huge concrete slab covering active rail tracks, the weight is carried by a column sitting on the sturdiest parts. The first tenants are due to move in within weeks.
Our strategy continues to be focused on redeploying the proceeds from asset sales into higher returning opportunities. We are progressing several attractive investment initiatives that have either been secured or are in advanced stages. On a combined basis, we expect to deploy $1.1 billion (BIP’s share) in these transactions.