NEW YORK — One of the most recognizable buildings on Manhattan’s skyline was purchased today.
Montreal’s Ivanhoé Cambridge and its partner, Callahan Capital Properties, purchased three Bryant Park from Blackstone Group LP for $2.2 billion. The 1.2-million-square-foot office building, located at 1095 Avenue of the Americas between 41st and 42nd streets, has a trademark green façade and currently features MetLife and Verizon as major tenants.
“The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare,” says Arthur Lloyd, executive vice president of global investments for Ivanhoé Cambridge.
Three Bryant Park is now the second largest sale of an office building in U.S. history, according to The Wall Street Journal, trailing only a 2008 sale of Manhattan’s General Motors building for $2.8 billion.
The Ivanhoé/Callahan partnership continues to grow its Manhattan portfolio, which already featured 1411 Broadway and 1211 Avenue of the Americas, according to The Wall Street Journal. Tenants at those two buildings include The Wall Street Journal and News Corp.
“When we considered the quality and unique characteristics of this property, along with the continued enhancements in the immediate area around Three Bryant Park, it was clear this is a compelling long-term investment opportunity,” says Tim Callahan, CEO of Callahan Capital Properties. “We continue to be very pleased with the progress we have made in expanding our U.S. office platform with Ivanhoé Cambridge, which now totals almost 5 million square feet in New York City and over 10 million square feet nationally.”
— Jeff Shaw