Ivanhoe Cambridge set to buy 85 Broad
for $650M

Deal would work out to $590 psf

New York /
Apr.April 04, 2017 11:40 AM

Ivanhoe Cambridge is in late-stage talks to buy Goldman Sachs’ former headquarters at 85 Broad Street in Lower Manhattan for roughly $650 million.

A joint venture of MetLife and Beacon Capital Partners owns the 32-story building, and hired Eastdil Secured to market it, according to Bloomberg. At that reported purchase price, the deal would work out to $590 per square foot.

Goldman built the tower in the 1980s as its headquarters, but the building sat half-empty for years after the company decamped in 2010 for 200 West Street. The property is now 87 percent occupied with tenants such as Oppenheimer & Co., WeWork and Vox Media, according to Bloomberg.

It’s not the first time Ivanhoe Cambridge, a pension fund with over $50 billion under management, has worked with Beacon Capital Partners. The Montreal-based fund partnered with Callahan Capital Partners to buy 330 Hudson Street from Beacon for $318 million last July.

After a slow start to the year, investment sales in Manhattan office towers have started to pick up. Chinese conglomerate HNA Group last month agreed to buy 245 Park Avenue for $2.21 billion ($1,227 per square foot), as The Real Deal first reported.

And in late January, Singaporean sovereign wealth fund GIC closed on the purchase of a 95 percent stake in 60 Wall Street for $1.04 billion, roughly $688 per square foot.

Ivanhoe, sometimes called the “quiet giant” in New York City real estate, owns large stakes in 3 Bryant Park and Stuyvesant Town-Peter Cooper Village. [Bloomberg]Rich Bockmann


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
NYCEEC co-CEOs Curtis Probst and Fred Lee (iStock, NYEEC)
The wait is over: C-PACE finally goes live in NYC
The wait is over: C-PACE finally goes live in NYC
arrow_forward_ios

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

Loading...