NEW YORK CITY-Ivanhoe Cambridge is now the proud owner of a 49.9% stake in 1411 Broadway here, in a deal it cast with the San Francisco-based Swig Co. The deal, closed for a purchase price just north of $360 million, includes a managing interest in the 40-story tower as well as plans for upgrades.
UPDATE . . . .Since this story broke, GlobeSt.com has learned that the stake Ivanhoe bought was sold by Blackstone. Eastdil Secured advised for all parties.
“This office building’s location, size and quality give it uncommonly attractive leasing features, allowing us to generate attractive returns for our depositors” said Ivanho
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
