A Canadian pension fund just sold its 29% stake in this New York office building for $1.

The 26-floor building in Manhattan stands at 360 Park Avenue South and was purchased in 2021 with plans to redevelop it.

The pension fund had already poured $71 million into the property and the building currently has a $220 million mortgage.

Boston Properties, the acquirer of the pension fund's stake, said the project needs "a change in strategy."

Office building prices are down nearly 50% from their highs.