The Real Deal New York

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
January 16, 2015 09:00AM

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