NEW YORK CITY—Ivanhoé Cambridge and its partner, Callahan Capital Properties have acquired a 100% stake in Three Bryant Park for over $2 billion. On the block only for a few months, the property was sold by Blackstone and marketed by Eastdil Secured. The seller and its representatives could not be reached by press time.
Renowned firms at the property include MetLife, Verizon and Dechert LLP, among others. Located at 1095 Ave. of the Americas between 41st and 42ndstreets—and formerly known as 1095 A of A, though both names were used in the past—Three Bryant Park has been officially rebranded, representatives of the firm told GlobeSt.com.
Since buying the asset in 2007, Blackstone has completed a $300 million renovation, installing a new lobby, building façade, expanded retail and public areas.
"The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare," says Arthur Lloyd, EVP, 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 US office platform. The property is 97% leased for the long term to a roster of high-credit quality tenants. It fits perfectly into our investment strategy of building a diversified portfolio of top-quality office properties in gateway U.S. office markets."
Adds Tim Callahan, CEO, Callahan Capital Properties, "When we considered the quality and unique characteristics of this property, along with the continued enhancements in the immediate area around Three Bryant Park, it was clear this is a compelling long-term investment opportunity.
He notes, "We continue to be very pleased with the progress we have made in expanding our U.S. office platform with Ivanhoé Cambridge, which now totals almost five million square feet in New York City and over 10 million square feet nationally."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
