Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced this week that it has acquired the 49% interest in 1211 Avenue of the Americas in Midtown New York City that it didn't already own from Beacon Capital Partners in a deal that valued the property at roughly $1.8 billion. Ivanhoé Cambridge and Callahan Capital Properties originally acquired a 51% stake in the office tower in October 2013 for $580 million. The deal was brokered by Eastdil Secured; terms were not disclosed.
"We are very pleased with the completion of our phased investment strategy for 1211 Avenue of the America," said Arthur Lloyd, Executive Vice President at Ivanhoé Cambridge. "This is a truly iconic property with exceptional locational and physical characteristics that offer tremendous value enhancement opportunities."
"1211 Avenue of the Americas is a significant asset in our 5.6-million-square-foot New York office portfolio and exemplifies our long-term approach towards owning quality assets in Midtown Manhattan," added Tim Callahan, Chief Executive Officer of Callahan Capital Properties. "With unparalleled transportation options and the largest concentration of retail, dining and cultural amenities Manhattan has to offer, Midtown continues to be among the most dynamic markets in which to live, work and play."
Built in 1973 and also known as the News Corp. Building, 1211 Avenue of the Americas is a 44-story, two-million-square-foot office tower that prominently stands among a row of skyscrapers known as "Corporate Row." The 45 story, Class A trophy building is centrally located on Avenue of the Americas between 47th and 48th streets, with direct access to the Rockefeller Center Concourse amenities and subway. The building is certified LEED® Silver and is also winner of the renowned BOMA 2008/2009 Operating Office Building of the Year Award and the BOMA 2010 Middle Atlantic regional Building of the Year Award. The property was 92% leased at the time of sale, with major tenants including Fox News, News Corp, Wells Fargo Advisors, and the headquarters of Dow Jones.
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