The Blackstone Group has sold its minority stake in a 40-storey Manhattan office tower to Ivanhoé Cambridge.
According to a statement, the real estate arm of Caisse de dépôt et placement du Quebec has purchased a 49.9 percent ownership interest in 1411 Broadway for more than $360 million. Although representatives from Ivanhoé Cambridge declined to disclose the identity of the seller, earlier news reports from May said Blackstone was selling the stake.
“This office building’s location, size and quality give it attractive leasing features, allowing us to generate attractive returns for our depositors,” said Daniel Fournier, chief executive officer of Ivanhoé Cambridge.
Ivanhoé Cambridge will co-own the property with San Francisco-based Swig Company, which continues to own the majority stake in the 1.2 million-square-foot office tower. Occupying a full block in midtown Manhattan, 1411 Broadway is situated between West 39th and 40th streets.
The joint venture agreement with The Swig Company includes a managing interest for Ivanhoé Cambridge and a significant investment by both parties towards the physical improvement of the building. The joint venture has engaged the services of Callahan Capital Partners to act as asset manager.