OSLO (Reuters) -Norway's sovereign wealth fund said on Tuesday it has bought a 95% stake in an office property located along New York City's Avenue of the Americas.

Norges Bank Investment Management will pay $542.6 million for the stake, valuing the property at $571.1 million, it added.

A unit of Beacon Capital Partners will buy the remaining 5% and manage the building on behalf of the two investors, the Norwegian fund said.

The seller of the property is a joint venture between the California State Teachers' Retirement System and Silverstein Properties, the fund added.