The Real Deal New York

Ivanhoe, Callahan close on 330 Hudson stake for $318M

Partners acquired minority stake in office building in 2014

July 07, 2016 08:00AM
By Konrad Putzier

From left: Ivanhoe Cambridge's Daniel Fournier and 330 Hudson Street

From left: Ivanhoe Cambridge’s Daniel Fournier and 330 Hudson Street

Ivanhoe Cambridge and Callahan Capital Properties closed on a deal to buy the remaining stake in office building 330 Hudson Street for $317.8 million, property records filed with the city Thursday show. Beacon Capital Partners is the seller.

Ivanhoe, the real estate investment arm of Quebec’s public pension fund manager Caisse de Depot et Placement du Quebec, and its U.S. partner Callahan announced they were in contract for the 51 percent stake last July. The two firms bought a 49-percent stake in the 16-story, 467,000-square-foot building in 2014.

Last month, Ivanhoe TRData LogoTINY and Callahan paid Beacon $913 million for the remaining 49-percent stake in Midtown office tower 1211 Sixth Avenue. Ivanhoe 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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