Ivanhoe Cambridge buys Manhattan corporate row office tower for more than US850M

MONTREAL — The real estate arm of the Caisse de depot et placement du Quebec has acquired a 51% interest in a two-million-square-foot New York City office tower for more than US$850-million.Handout/ Ivanhoe Cambridge Ivanhoe Cambridge says the majority managing member interest in the building at 1211 Avenue of the Americas was acquired from an affiliate of Beacon Capital Partners LLC.The 45-storey, class A asset is centrally located between 47th and 48th streets adjacent to the Rockefeller Center and stands among a row of skyscrapers known as “corporate row,” Ivanhoe said in announcing the deal Tuesday.“This investment exemplifies one of the priorities set out in our strategic plan: to build our office building portfolio in the United States by growing a critical mass of assets in key markets such as New York City,” said Bill Tresham, president, Global Investments, Ivanhoe Cambridge.This transaction brings the company’s investments in the office and multi-residential sectors of Manhattan to more than US$3 billion.It is also Ivanhoe Cambridge’s third acquisition made as part of its strategic relationship with Callahan Capital Properties.

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