{"id":1004111420,"date":"2015-01-19T08:48:26","date_gmt":"2015-01-19T16:48:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004111420"},"modified":"2022-12-08T19:01:47","modified_gmt":"2022-12-09T03:01:47","slug":"ivanhoe-cambridge-makes-second-largest-single-office-building-transaction-in-u-s","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-makes-second-largest-single-office-building-transaction-in-u-s\/","title":{"rendered":"Ivanho\u00e9 Cambridge Makes Second-Largest Single-Office-Building Transaction in U.S."},"content":{"rendered":"

By Keith Loria, Contributing Editor\"3<\/a><\/i><\/p>\n

Ivanho\u00e9 Cambridge and Callahan Capital Properties have teamed on the acquisition of Three Bryant Park, a 1.2-million-square-foot office property in Midtown Manhattan, for $2.2 billion, from the Blackstone Group.<\/p>\n

\u201cThe opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare,\u201d Arthur Lloyd, Ivanho\u00e9 Cambridge\u2019s executive vice president, global investments, said in a company release. \u201cAs 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. It fits perfectly into our investment strategy of building a diversified portfolio of top-quality office properties in gateway U.S. office markets.\u201d<\/p>\n

The transaction is the second largest ever for a single office building in the U.S., trailing only the June 2008 sale of Manhattan\u2019s GM Building at 767 Fifth Ave. for $2.8 billion.<\/p>\n

Located at 1095 Avenue of the Americas between 41st and 42nd streets, Three Bryant Park has long been considered one of the most prominent office properties in Manhattan. The building is currently 97 percent leased to a tenant roster that includes MetLife, Verizon and Dechert L.L.P.<\/p>\n

Recent renovations to the building include a new lobby, building fa\u00e7ade, expanded retail and public areas.<\/p>\n

\u201cAlthough the asset does not appear to offer immediate \u2018value add\u2019 opportunity, this deal will likely be viewed within the industry as a stable \u2018buy and hold\u2019 play in the ever-strong New York office market,\u201d Andrew Maguire, a real estate attorney and shareholder at McCausland Keen & Buckman, told Commercial Property Executive<\/i>. \u201cNotably, Ivanhoe Cambridge is a subsidiary of a massive Quebec-based pension fund.\u00a0Within the past 10 years, Canada has relaxed laws, which limited pension fund investment in foreign assets, and this acquisition continues a trend of big ticket Canadian fund-affiliated investment in Manhattan real estate.\u201d<\/p>\n

Other such projects include the vast Hudson Yards mixed-use development, which is currently being driven by an affiliate of the Ontario Municipal Employees Retirement System.<\/p>\n

The deal expands Ivanho\u00e9 Cambridge and Callahan Capital Properties partnership\u2019s national office platform to more that 10 million square feet and its New York property to approximately 5 million square feet.<\/p>\n

In November, the joint venture acquired two Seattle office buildings for $280 million<\/a>; and also purchased a 40 percent interest in a portfolio of properties<\/a>, which includes the U.S. Bank Tower, the Tabor Center and the adjacent Two Tabor development site, all located in downtown Denver, for approximately $200 million.<\/p>\n

\u201cWhen we considered the quality and unique characteristics of this property, along with the continued enhancements in the immediate area around Three Bryant Park, it was clear this is a compelling long-term investment opportunity,\u201d Tim Callahan, Capital Properties\u2019 CEO, said in the release. \u201cWe continue to be very pleased with the progress we have made in expanding our U.S. office platform with Ivanho\u00e9 Cambridge.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

On a mission to increase its U.S. platform with top-quality office properties, Ivanho\u00e9 Cambridge has bought the iconic Three Bryant Park in midtown Manhattan.<\/p>\n","protected":false},"author":451,"featured_media":1004111424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,10,21747],"tags":[],"class_list":["post-1004111420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nIvanho\u00e9 Cambridge Makes Second-Largest Single-Office-Building Transaction in U.S. - 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-makes-second-largest-single-office-building-transaction-in-u-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ivanho\u00e9 Cambridge Makes Second-Largest Single-Office-Building Transaction in U.S.\" \/>\n<meta property=\"og:description\" content=\"On a mission to increase its U.S. platform with top-quality office properties, Ivanho\u00e9 Cambridge has bought the iconic Three Bryant Park in midtown Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-makes-second-largest-single-office-building-transaction-in-u-s\/\" \/>\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=\"2015-01-19T16:48:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:01:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/3-Bryant.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"666\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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-makes-second-largest-single-office-building-transaction-in-u-s\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-makes-second-largest-single-office-building-transaction-in-u-s\/\",\"name\":\"Ivanho\u00e9 Cambridge Makes Second-Largest Single-Office-Building Transaction in U.S. - 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