Ivanhoe Cambridge closes on $2.2B acquisition of 1095 Sixth

Tower, also known as 3 Bryant Park, is priciest single building deal since the GM Building

New York /
Jan.January 16, 2015 09:00 AM

Canadian property investor Ivanhoé Cambridge, together with partner Callahan Capital Properties, has closed on the acquisition of 3 Bryant Park for $2.2 billion from Blackstone Group.

The 1.2 million-square-foot office tower at 1095 Sixth Avenue — located between 41st and 42nd streets — houses tenants such as MetLife, Verizon and Dechert LLP, according to a press release announcing the acquisition.

The tower is 97 percent leased. Whole Foods is also taking a large retail space on the tower’s ground floor.

The sale marks the priciest transaction of a single office building since the GM Building at 767 Fifth Avenue traded hands for $2.8 billion in 2008. Eastdil Secured’s Douglas Harmon and Adam Spies brokered the transaction.

“The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare,” said Ivanhoé’s executive vice president Arthur Lloyd. He added that acquiring the office tower “represents a cornerstone of our expanding U.S. office platform.”

“It fits perfectly into our investment strategy of building a diversified portfolio of top-quality office properties in gateway U.S. office markets,” Lloyd said. — Claire Moses 

 

Related Articles

arrow_forward_ios
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone’s Jon Gray (Getty)
There’s “lots of runway in real estate”: Blackstone’s Jon Gray
There’s “lots of runway in real estate”: Blackstone’s Jon Gray
Blackstone CEO Stephen Schwarzman, and Starwood CEO Barry Sternlicht (Getty)
Blackstone, Starwood strike $6B deal for Extended Stay America
Blackstone, Starwood strike $6B deal for Extended Stay America
345 Park Avenue and Blackstone President Jonathan Gray (Google Maps, Twitter)
Blackstone expands Manhattan HQ
Blackstone expands Manhattan HQ
Photo Illustration of Blackstone's Jonathan Gray (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
How Blackstone’s Jon Gray undercut his UK counterpart
How Blackstone’s Jon Gray undercut his UK counterpart
Photo Illustration of BioMed Realty CEO Tim Schoen and Alexandria Real Estate Equities CEO Joel S Marcus. (Getty, BioMed)
Life sciences boom continues with 36M sf in works
Life sciences boom continues with 36M sf in works
From left: Flex’s Shragie Lichtenstein; Piñata’s Lily Liu; NestEgg’s Eachan Fletcher; and Till’s David Sullivan
These startups want to guarantee your rent
These startups want to guarantee your rent
Blackstone president Jon Gray (Photo via YouTube)
Blackstone’s quarantine-themed holiday video stars sanitizer, sourdough starter and Santa
Blackstone’s quarantine-themed holiday video stars sanitizer, sourdough starter and Santa
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...