Ivanhoé Cambridge and its partner Callahan Capital Properties have acquired an office building in downtown Manhattan for about US$650 million,
The property, 85 Broad Street, is a 1.1-million-square-foot office tower located on the full block of Broad Street between South William and Pearl streets. Standing 30 stories tall, the building carries a number of services, including a high-end bike room, an expansive wellness center, conference facilities and food offerings.
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“We are proud to acquire such a high-quality, marquee property,” said Arthur Lloyd, office president for North America at Ivanhoé Cambridge, the real estate arm of Caisse de dépôt et placement du Québec, in a news release.
“This acquisition expands our footprint and brings our New York office portfolio to more than 6.7 million square feet.”
Tim Callahan, chief executive officer of Callahan Capital Properties, noted the acquisition is the firm’s first 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.”