Caisse de dépôt et placement du Québec real estate subsidiary Ivanhoé Cambridge and its partner, Callahan Capital Properties, have bought a Manhattan office tower for US$2.2 billion ($2.64 billion).
They purchased the 1.2-million-square-foot building, called Three Bryant Park, from Blackstone Group.
“The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare,” says Arthur Lloyd, executive vice-president, global investments, with Ivanhoé Cambridge. “As we redeploy capital that has been rotated out of non-core assets globally, Three Bryant Park represents a cornerstone of our expanding U.S. office platform.”
He notes the building fits perfectly into the company’s investment strategy of building a diversified portfolio of high-quality office properties in top-tier U.S. cities.
The property is 97% leased for the long term and has a number of well-known tenants, including MetLife and Verizon Communications.
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