Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary, has acquired a 51% managing member interest in a New York City office building for US$850 million ($882.4 million).
It purchased the stake in the 45-storey tower, 1211 Avenue of the Americas, from Beacon Capital Partners.
The Class A building is located between 47th and 48th streets, adjacent to the Rockefeller Center and 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,” says Bill Tresham, president, global investments, at Ivanhoé Cambridge.
This transaction brings the company’s investments in the office and multi-residential sectors of Manhattan to more than US$3 billion.
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