The Real Deal New York

Ivanhoe Cambridge pays $913M for remainder of 1211 Sixth

Canadian firm had bought 51 percent stake in 2013

June 17, 2016 06:00PM
By Konrad Putzier

1211 Sixth Avenue and Ivanhoe Cambridge's Daniel Fournier

1211 Sixth Avenue and Ivanhoe Cambridge’s Daniel Fournier

Canadian investment firm Ivanhoe Cambridge and their U.S. investment partner Callahan Capital paid $913 million for the remaining 49 percent stake in the office tower at 1211 Sixth Avenue, according to public records filed with the city Thursday.

Ivanhoe, the real estate investment arm of Canadian pension fund manager Caisse de Depot et placement du Quebec, bought a 51 percent stake in the tower in June 2013. At the time, the deal valued the building at $1.75 billion.

Boston-based Beacon Capital Partners had the remaining 49 percent stake.

The 2 million-square-foot tower is home to NewsCorp and 21st Century Fox. The Rupert Murdoch-controlled media companies considered leaving the tower and last year signed a letter of intent to move to Silverstein Properties’ 2 World Trade Center, but changed track and instead renewed their leases at 1211 and 1185 Sixth Avenue.

Ivanhoe Cambridge is one of New York’s most active real estate investment firms. Last year, the company partnered with the Blackstone Group on the $5.3 billion purchase of Stuyvesant Town-Peter Cooper Village.

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