Ivanhoe Cambridge puts News Corp HQ on the market

Canadian firm paid $1.7B for 1211 Sixth Avenue

TRD NEW YORK /
Jun.June 28, 2017 08:30 AM

1211 Sixth Avenue and Ivanhoe Cambridge’s Daniel Fournier

Who wants to be Rupert Murdoch’s landlord? Ivanhoe Cambridge and its U.S. partner Callahan Capital Properties are looking to sell the News Corp.’s headquarters building at 1211 Sixth Avenue.

The 2-million-square-foot office tower is 99 percent leased and makes $98.3 million a year in net operating income, Real Estate Alert reported, meaning if it sold at a 5 percent cap rate it could fetch close to $2 billion. Eastdil Secured has the listing.

Montreal-based Ivanhoe, the real estate investment arm of Quebec’s public pension fund manager, bought a 51 percent stake in the tower from Beacon Capital for $854.3 million in 2013. Last year it picked up the remaining 49 percent for another $857.5 million.

News Corp. and 21st Century Fox occupy 1.2 million square foot in the tower. The media giants considered a move in 2015 and even signed a letter of intent for a lease at Silverstein Properties planned tower 2 World Trade Center, but ultimately decided to renew instead and expand its current footprint. Its new lease runs until 2025. [REA] — Konrad Putzier


Related Articles

arrow_forward_ios
Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Rupert Murdoch and David Doctorow (Credit: Getty Images, iStock)

News Corp. looks to Opcity lead-generation to boost real estate services biz

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

arrow_forward_ios
Loading...