Quebec Pension Buys Manhattan Office Tower for $2.2 Billion; Second Most Expensive Office Sale in U.S. History

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Canadian pension fund Caisse de dépôt et placement du Québec said on Friday it had completed the second most expensive office sale in U.S. history by buying a Manhattan office tower for $2.2 billion.

The fund partnered with Callahan Capital Properties to buy the building, located at Three Bryant Park.

More from the Wall Street Journal:

The real estate arm of pension fund giant Caisse de dépôt et placement du Québec said Friday it partnered with Callahan Capital Properties to buy a midtown Manhattan office tower for $2.2 billion.

[…]

Ivanhoé [the real estate arm of Caisse] said the New York property, known as Three Bryant Park, aligns well with its investment strategy of building a diverse portfolio of office properties in major U.S. markets.

“As we redeploy capital that has been rotated out of non-core assets globally, Three Bryant Park represents a cornerstone of our expanding U.S. office platform,” said Arthur Lloyd, Ivanhoé’s executive vice-president, global investments.

Ivanhoé has been a leading foreign investor in U.S. real-estate assets, betting that U.S. property prices are a good wager in the long term.

The deal bolsters the midtown Manhattan portfolio of Ivanhoé and Callahan, a real estate private equity firm. The companies control 1411 Broadway and 1211 Avenue of the Americas, home of The Wall Street Journal and News Corp . , among others.

Caisse de dépôt et placement du Québec manages $214.7 billion in assets.

 

Photo by Sarath Kuchi via Flickr CC License

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