NEW YORK CITY—The former Goldman Sachs building at 85 Broad St. in Downtown Manhattan has been acquired by Ivanhoé Cambridge and partner Callahan Capital Properties in a deal valued at $650 million.
The 30-story, 1.1-million-square-foot office building was sold by a partnership of MetLife and Beacon Capital Partners. Eastdil Secured represented the seller in the transaction. The property, which was built in the 1980s, served as the headquarters of Goldman Sachs until it relocated operations to 200 West St. in 2010.
The building, which recently underwent a significant renovation, is currently 88% occupied. That capital improvement program focused on elevating existing building amenities and adding state-of-the-art building services, including a high-end bike room, an expansive wellness center, conference facilities and food offerings. According to the building's website, Newmark Grubb Knight Frank is the leasing agent and CBRE is the property manager for 85 Broad St.
Major tenants at the building include: The Nielsen Co. Oppenheimer Co. and VOX Media.
Arthur Lloyd, president, office, North America, Ivanhoé Cambridge, says of the deal, “We are proud to acquire such a high-quality, marquee property. 85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users.”
The deal increases Montreal-based Ivanhoé Cambridge's New York office portfolio to more than 6.7 million square feet.
Tim Callahan, CEO of Chicago-based Callahan Capital Properties, says that the deal marks the firm's first purchase in Downtown Manhattan. “We believe Downtown (Manhattan) offers tremendous long-term growth potential given the immense public and private investment that continues to attract a broad array of businesses and residents,” he says.
Ivanhoé Cambridge and Callahan Capital Partners announced in December 2012 it would join forces in the development of Ivanhoé's U.S. office real estate platform and the management of its U.S. office portfolio. Ivanhoé Cambridge, CCP's office platform currently totals almost 17 million square feet, with properties located in New York, Boston, Chicago, Seattle, Denver and Los Angeles.
One of its high-profile properties in Manhattan is Three Bryant Park. Ivanhoé Cambridge and partner Callahan Capital acquired the 1.2-million-square-foot Midtown office property for $2.2 billion in January 2015.
More recently, in January of this year, 21st Century Fox and News Corp. signed separate lease deals to retain their respective headquarters operations at Ivanhoé Cambridge and Callahan's 1211 Ave. of the Americas building. The two leases totaled more than 1.2 million square feet.
Ivanhoé Cambridge is a partner in the ownership of Stuyvesant Town-Peter Cooper Village with the Blackstone Group. The partnership acquired the complex in 2015 for $5.3 billion.
The 30-story, 1.1-million-square-foot office building was sold by a partnership of
The building, which recently underwent a significant renovation, is currently 88% occupied. That capital improvement program focused on elevating existing building amenities and adding state-of-the-art building services, including a high-end bike room, an expansive wellness center, conference facilities and food offerings. According to the building's website, Newmark Grubb Knight Frank is the leasing agent and CBRE is the property manager for 85 Broad St.
Major tenants at the building include: The Nielsen Co. Oppenheimer Co. and VOX Media.
Arthur Lloyd, president, office, North America, Ivanhoé Cambridge, says of the deal, “We are proud to acquire such a high-quality, marquee property. 85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users.”
The deal increases Montreal-based Ivanhoé Cambridge's
Tim Callahan, CEO of Chicago-based Callahan Capital Properties, says that the deal marks the firm's first purchase in Downtown Manhattan. “We believe Downtown (Manhattan) offers tremendous long-term growth potential given the immense public and private investment that continues to attract a broad array of businesses and residents,” he says.
Ivanhoé Cambridge and Callahan Capital Partners announced in December 2012 it would join forces in the development of Ivanhoé's U.S. office real estate platform and the management of its U.S. office portfolio. Ivanhoé Cambridge, CCP's office platform currently totals almost 17 million square feet, with properties located in
One of its high-profile properties in Manhattan is Three Bryant Park. Ivanhoé Cambridge and partner Callahan Capital acquired the 1.2-million-square-foot Midtown office property for $2.2 billion in January 2015.
More recently, in January of this year, 21st Century Fox and
Ivanhoé Cambridge is a partner in the ownership of Stuyvesant Town-Peter Cooper Village with the Blackstone Group. The partnership acquired the complex in 2015 for $5.3 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
