Ivanhoé Cambridge, the real estate investment arm of pension fund manager the Caisse de dépôt et placement du Québec, has acquired a 51% interest in 1211 Avenue of the Americas, a 45-storey office building in New York City. The price tag was more than US$850 million. This transaction brings Ivanhoé’s total investments in the office and multi-residential areas of Manhattan to over US$3 billion.
IVANHOÉ CAMBRIDGE ACQUIRES 51% INTEREST IN 1211 AVENUE OF THE AMERICAS IN NEW YORK CITY
The investment of more than US$850 million strengthens the Company’s presence in Manhattan
Montreal, Quebec, October 15, 2013 – Ivanhoé Cambridge announces today the acquisition from an affiliate of Beacon Capital Partners, LLC of a 51% managing member interest in 1211 Avenue of the Americas, a 187,100 m2 (2 million ft2) office building in New York City, the transaction represents an investment of more than US$850 million.
The 45 storey, Class A trophy asset is centrally located on Avenue of the Americas between 47th and 48th streets, adjacent to the Rockefeller Center and prominently stands among a row of skyscrapers known as “Corporate Row”.
“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, Ivanhoé Cambridge.
This transaction brings the Company’s investments in the office and multiresidential sectors of Manhattan to more than US$3 billion. It is also Ivanhoé Cambridge’s third acquisition made as part of its strategic relationship with Callahan Capital Properties, and further strengthens the Company’s office buildings platform in the U.S.
Key tenants of 1211 Avenue of the Americas include News America Incorporated, a subsidiary of Twenty-First Century Fox Inc., Ropes & Gray LLP and Axis Reinsurance. The building received LEED® EB Silver certification in 2009.
Note to editors: a background document supports this news release on page 2: New York Portfolio. Images of the property are available on request.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, its assets in more than 20 countries are valued at over Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (www.lacaisse.com), one of Canada’s leading institutional fund managers. For more information, visit www.ivanhoecambridge.com.
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