Ivanhoé Cambridge acquired a 49.9 percent ownership interest in 1411 Broadway, a 40-story office tower in Manhattan, for $360 million. The joint venture agreement with the Swig Co. includes a managing interest for Ivanhoé Cambridge and a significant investment by both parties towards the physical improvement, energy efficiency and tenant amenities of the building in the short term.
1411 Broadway is a class-A office tower with strong growth potential. Ivanhoé Cambridge's new building is in Midtown Manhattan, situated west of Bryant Park and south of Times Square.
Occupying a full block in Manhattan, 1411 Broadway contains 1.2 million sq. ft. and features direct access to the transit lines of the Times Square subway station and is in close proximity to the train and bus terminals.
The joint venture has engaged the services of Callahan Capital Partners to act as asset manager.
"This office building's location, size and quality give it uncommonly attractive leasing features, allowing us to generate attractive returns for our depositors" Ivanhoé Cambridge Chairman and CEO Daniel Fournier said in a statement. "We are particularly pleased to partner up with the Swig Co. and to kick-start what we hope will be a lasting and fruitful relationship with Callahan Capital Partners."
"We look forward to this new partnership with Ivanhoé Cambridge and to investing alongside them to bring 1411 Broadway, which was originally developed by our company founder, further success," Swig Co. CEO Jeanne Myerson said in a statement.