Transactions - JULY 3, 2017

Ivanhoé Cambridge puts News Corp HQ on the market

by Andrea Waitrovich

Ivanhoé  Cambridge, the real estate arm of Canadian pension fund Caisse de Depot et Placement du Quebec, and its partner Callahan Capital Properties have plans to sell 1211 Avenue of the Americas, which serves as News Corp.’s Manhattan headquarters, according to media outlets. The sales price is estimated to be $2 billion.

The 2-million-square-foot office tower is 99 percent leased.

In 2013, Ivanhoé purchased a 51 percent managing member interest in the property, also known as 1211 Avenue of the Americas. Beacon Capital Partners had purchased the tower in 2006 for approximately $1.5 billion. And in 2015 with its partner Callahan,Ivanhoé purchased the remaining 49 percent in the 1.94 million-square-foot office from Beacon Capital Partners.

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