Ivanhoé Cambridge and its partner Callahan Capital Properties announced today that they have acquired 85 Broad Street, a prestigious office building in Downtown Manhattan, New York, for approximately US$650 million.
Arthur Lloyd, President, Office, North America, Ivanhoé Cambridge said: “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. This acquisition expands our footprint and brings our New York office portfolio to more than 6.7 million square feet.”
Tim Callahan, Chief Executive Officer of Callahan Capital Properties, noted: “85 Broad Street represents our first acquisition in Downtown Manhattan. We believe downtown offers tremendous long-term growth potential given the immense public and private investment that continues to attract a broad array of businesses and residents.”
About 85 Broad Street
85 Broad Street is a 1.1-million-square-foot office tower situated on the full block of Broad Street between South William and Pearl streets. With 115 feet of frontage along Broad Street, the property stands 30 stories tall. The recent capital improvement program focused on elevating existing building amenities and adding state-of-the-art building services. They carry an abundance of conveniences into the office, including a high-end bike room, an expansive wellness center, conference facilities and food offerings.