The Real Deal New York

Ivanhoe Cambridge takes 49 percent stake in 1211 Avenue of the Americas

June 11, 2013 09:00AM

A Canadian pension fund has taken a 49 percent stake in 1211 Avenue of the Americas, valuing the tower at $1.75 billion, Bloomberg News reported. 

Ivanhoe Cambridge, the real estate arm of the largest pension fund in Canada, teamed with Chicago-based Callahan Capital Partners, Bloomberg said.

The sale is one of many massive Midtown trades of late, such as the sale of 650 Madison Avenue for $1.3 billion and RXR’s agreement to purchase a 49 percent interest in Worldwide Plaza for $660 million. The property at 1211 Avenue of the Americas is home to Rupert Murdoch’s News Corp.

Power duo Doug Harmon and Adam Spies of Eastdil Secured brokered the deal, the wire said.

The 45-story tower was purchased by a group led by Boston-based Beacon Capital Partners in 2006, for $1.52 billion. [Bloomberg News] –Guelda Voien