{"id":1004085225,"date":"2013-10-16T06:19:18","date_gmt":"2013-10-16T14:19:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004085225"},"modified":"2022-12-08T19:06:34","modified_gmt":"2022-12-09T03:06:34","slug":"ivanhoe-cambridge-buys-51-interest-in-manhattans-1211-avenue-of-the-americas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-51-interest-in-manhattans-1211-avenue-of-the-americas\/","title":{"rendered":"Ivanho\u00e9 Buys 51% Interest in NYC\u2019s 1211 Avenue of the Americas"},"content":{"rendered":"<p><i>By Gail Kalinoski, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004085228\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-51-interest-in-manhattans-1211-avenue-of-the-americas\/1211-avenue-of-the-americas_ny_us_3256\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg\" data-orig-size=\"900,599\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;C. Taylor Crothers&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1306414163&quot;,&quot;copyright&quot;:&quot;C. Taylor Crothers&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"1211 Avenue of the Americas_NY_US_3256\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg?w=900\" class=\"alignleft size-medium wp-image-1004085228\" alt=\"1211 Avenue of the Americas_NY_US_3256\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg?resize=768,511 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Ivanhoe Cambridge, the real estate arm of one of Canada\u2019s largest pension funds, continues to expand its U.S. office holdings with the acquisition of the majority stake in 1211 Avenue of the Americas in Manhattan for $850 million.<\/p>\n<p>The firm purchased the 51 percent managing member interest from an affiliate of Beacon Capital Partners, which had owned the 45-story Class A trophy asset located on \u201cCorporate Row\u201d near Rockefeller Center between 47<sup>th<\/sup> and 48<sup>th<\/sup> streets since 2006. News America Inc., parent of The Wall Street Journal and Fox News, occupies about half the 2 million square feet of the office tower. Other tenants are Ropes &amp; Gray L.L.P. and Axis Reinsurance.<\/p>\n<p>Adam Adamakakis, executive vice president, investments, said the iconic building is about 90 percent occupied with 170,000 square feet of contiguous space available on the upper floors, 41 to 44.<\/p>\n<p>\u201cWe like the position that we\u2019re in with the vacancy on the top floors. That\u2019s one of the features that attracted us to the property,\u201d Adamakakis told <i>Commercial Property Executive<\/i>.<\/p>\n<p>The transaction brings Ivanhoe Cambridge\u2019s office and multi-family holdings in Manhattan to more than $3 billion. This is the fourth Manhattan office building in which the firm owns stakes. In November, 2012, it acquired 49.9 percent ownership interest in 1411 Broadway, a 40-story, Class A office tower just south of Times Square for more than $360 million.\u00a0 It also owns 43.1 percent interest in 1745 Broadway, a 636,60\u00ad0-square-foot office building, and a 49.4 percent interest in 388-390 Greenwich St., a 2.6 million-square-foot office building.<\/p>\n<p>\u201cWe will continue to look at the New York City market,\u201d Adamakakis said. \u201cIt\u2019s a market we believe strongly in. We believe there\u2019s been good absorption and modest rent growth.\u201d<\/p>\n<p>Adamakakis also noted that New York is \u201cfairly restricted in terms of new supply\u201d and cited the high costs of building in Manhattan.\u00a0 He said Ivanhoe Cambridge got 1211 Avenue of the Americas at a \u201cdiscount\u201d compared to new construction.<\/p>\n<p>Affiliates of Beacon Capital Partners, a Boston private equity firm, will continue to own the minority stake in the building, Adamakakis said.<\/p>\n<p>\u201cWe like that asset. We like the relationship we have with Callahan. We\u2019re very excited about the Beacon partnership as well,\u201d he concluded<i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ivanhoe Cambridge continues to expand its U.S. office holdings with the acquisition of the majority stake in 1211 Avenue of the Americas in Manhattan for $850 million.<\/p>\n","protected":false},"author":1068,"featured_media":1004085228,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,1600,21742,10,21747],"tags":[],"class_list":["post-1004085225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ivanho\u00e9 Buys 51% Interest in NYC\u2019s 1211 Avenue of the Americas - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-51-interest-in-manhattans-1211-avenue-of-the-americas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ivanho\u00e9 Buys 51% Interest in NYC\u2019s 1211 Avenue of the Americas\" \/>\n<meta property=\"og:description\" content=\"Ivanhoe Cambridge continues to expand its U.S. office holdings with the acquisition of the majority stake in 1211 Avenue of the Americas in Manhattan for $850 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-51-interest-in-manhattans-1211-avenue-of-the-americas\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-16T14:19:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:06:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/1211-Avenue-of-the-Americas_NY_US_3256.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-51-interest-in-manhattans-1211-avenue-of-the-americas\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-51-interest-in-manhattans-1211-avenue-of-the-americas\/\",\"name\":\"Ivanho\u00e9 Buys 51% Interest in NYC\u2019s 1211 Avenue of the Americas - 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