June 1, 2017
Ivanhoé Cambridge and its partner Callahan Capital Properties closed their $650-million deal to buy 85 Broad Street, a famous office tower in Manhattan’s Financial District.
“This acquisition expands our footprint and brings our New York office portfolio to more than 6.7 million square feet,” said Ivanhoé Cambridge’s Arthur Lloyd.
The 1.1-million-square-foot tower fills the block between South William and Pearl Streets. Recent capital improvements include a high-end bike room, an expansive wellness center, conference facilities and food.
“We believe downtown offers tremendous long-term growth potential, given the immense public and private investment,” said Callahan Capital Properties’ Tim Callahan. “85 Broad Street represents our first acquisition in Downtown Manhattan.”
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