Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced today that they have closed on the acquisition of the remaining 49% interest in 1211 Avenue of the Americas in Midtown New York City.
Arthur Lloyd, Executive Vice President, Office, North America, at Ivanhoé Cambridge said: “We are very pleased with the completion of our phased investment strategy for 1211 Avenue of the Americas. This is a truly iconic property with exceptional locational and physical characteristics that offer tremendous value enhancement opportunities.”
Tim Callahan, Chief Executive Officer of Callahan Capital Properties, noted: “1211 Avenue of the Americas is a significant asset in our 5.6-million-square-foot New York office portfolio and exemplifies our long-term approach towards owning quality assets in Midtown Manhattan. With unparalleled transportation options and the largest concentration of retail, dining and cultural amenities Manhattan has to offer, Midtown continues to be among the most dynamic markets in which to live, work and play.”
Built in 1973, 1211 Avenue of the Americas is a striking 44-story, two-million-square-foot (186 000 m2), Class A office tower located in the heart of Midtown Manhattan and situated near major transportation hubs. The building has direct access to the Rockefeller Center Concourse amenities and subway. Grand Central Terminal, Port Authority Bus Terminal and Penn Station are within walking distance and an on-site direct subway connection links commuters to the entire metropolitan area. The building is LEED Silver certified, Energy Star designated and the winner of the BOMA 2010 Middle Atlantic Regional Building of the Year and BOMA 2008/2009 Operating Building of the Year.