Ivanhoé Cambridge, along with partner Callahan Capital Properties, has purchased one of the most prominent office buildings in New York City for US$2.2 billion.
Three Bryant Park, across the street from Bryant Park at 1095 Avenue of the Americas, is surrounded by the vibrancy of midtown Manhattan.
The 1.2-million-square-foot tower is home to high-quality firms, such as MetLife, Verizon and Dechert LLP, and is close to various subway lines and bus terminals.
“The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare,” noted Arthur Lloyd, executive vice-president, Global Investments Ivanhoé Cambridge. “As we redeploy capital that has been rotated out of non-core assets globally, Three Bryant Park represents a cornerstone of our expanding U.S. office platform.
Recently, the property has undergone renovations to revamp the lobby and building façade and expand retail and public areas.
Ivanhoé Cambridge’s U.S. office portfolio now includes about 5 million square feet in New York City and more than 10 million square feet nationally.