A Quebec-based international real estate investment company has just completed its acquisition of a prestigious office tower in downtown Manhattan, the latest rung in its vertical integration drive across Canada and the United States.
In partnership with U.S.-based private equity firm Callahan Capital Properties, Ivanhoé Cambridge announced that it has closed its purchase of the 30-storey, 1.1-million-square-foot 85 Broad Street for $650 million.
“We are proud to acquire such a high-quality, marquee property. 85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint and brings our New York office portfolio to more than 6.7 million square feet,” Ivanhoé Cambridge North America office president Arthur Lloyd said.
“85 Broad Street represents our first acquisition in Downtown Manhattan. We believe downtown offers tremendous long-term growth potential given the immense public and private investment that continues to attract a broad array of businesses and residents,” Callahan Capital Properties CEO Tim Callahan added.