Norway's sovereign wealth fund said it agreed to buy a 45% stake in the 47-storey Times Square Tower office building in New York for $684 million as part of a joint venture with Boston Properties.

The fund said the transaction values the property at $1.52 billion. Boston Properties, which is selling the stake to the fund, retained 55% and will manage the building on behalf of the partnership, according to Norges Bank Investment Management, which manages the fund.