Ivanhoe, Callahan Seal $895M NYC Deal
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1211 Avenue of the Americas, New York
New York—It’s all theirs. Ivanhoé Cambridge and Callahan Capital Properties have gone from majority owners to full owners of 1211 Avenue of the Americas, a 2 million-square-foot office tower in Midtown Manhattan. The joint venture partners purchased the remaining 49 percent interest in the Class A property from Beacon Capital Partners for approximately $895 million.
The transaction comes three years after Ivanhoé Cambridge and Callahan Capital purchased a 51 percent share of 1211 Avenue of the Americas from Beacon for $850 million. Taking full ownership of the LEED Silver certified asset was apparently part of the plan all along. In a prepared statement, Arthur Lloyd, executive vice president with Ivanhoé Cambridge, described the acquisition of the 49 percent interest as “the completion of our phased investment strategy for 1211 Avenue of the Americas.”…
