The Real Deal New York

Ivanhoe and Callahan put 330 Hudson on the market

The Pearson-anchored Hudson Sq. office building is worth about $400M: sources
By Mark Maurer | September 06, 2017 02:40PM

Daniel Fournier and 330 Hudson Street

Ivanhoe Cambridge and Callahan Capital Properties are looking to sell a 470,000-square-foot Hudson Square office building, about a year after they acquired full ownership, sources told The Real Deal.

The owners acquired a 49 percent stake in the 16-story property at 330 Hudson Street in 2014,  and then in 2016 exercised an option to close on the remaining interest.

The firm recently retained Eastdil Secured to market the entire building, which sources said is worth around $400 million, or about $850 per square foot.

The building is fully occupied, with education publishing company Pearson’s North American headquarters occupying about 70 percent of the space. Other tenants include General Motors and online travel website TripAdvisor.

Asking rent ranges from $80 to $95 per square foot at the building.

In 2013, a year before Ivanhoe and Callahan bought it, the prior owner, Beacon Capital Partners, finished expanding and redeveloping the old printing house, built in 1910, into a Class A office building.

Ivanhoe, the real estate investment arm of Quebec’s public pension fund manager Caisse de Depot et Placement du Quebec, and its U.S. partner Callahan made one of New York City’s investment sales purchases this year so far with its $650 million deal for Goldman Sachs’ former headquarters at 85 Broad Street in the Financial District.

The firms’ crown jewel is Salesforce Tower, also known as 3 Bryant Park, a 1.2 million-square-foot office tower they bought for $2.2 billion in 2015 and sold a 49 percent stake to Hong Kong’s central bank last year.