Canada Pension Plan Investment Board (CPPIB) sold its 45% ownership interest in a Manhattan office property, 1221 Avenue of the Americas (1221), to a global institutional investor for $1.03 billion. The transaction values 100% of the property at $2.29 billion. The Rockefeller Group and CPPIB originally acquired the property in May 2010 for $576 million. CPPIB received net proceeds of $950 million before closing adjustments.