Ivanhoe Cambridge, a Montreal-based property management and development company, today announced its acquisition of a 49.9 percent ownership interest in 1411 Broadway for over $360 million, according to a press release from the firm.
Ivanhoe now has managing interest in the 40-story Class A property, which it owns in a joint venture with the Swig Company. Both parties will shell out a “significant investment” toward building upgrades, including physical improvement and energy efficiency, the statement said.
The building spans a full block between 39th and 40th streets and measures 1.2 million square feet.
The seller was the Blackstone Group, which had been looking to unload its 51 percent stake in the property since this past spring. — Zachary Kussin