NEW YORK CITY — A joint venture between Ivanhoé Cambridge and Callahan Capital Properties (CCP) has acquired a 49 percent interest in a 467,000-square-foot Manhattan office building for $150 million. The Class A building is located at 330 Hudson St. in Midtown South on Manhattan’s west side.
The 16-story property recently underwent a major redevelopment that included the addition of eight new floors. It is pre-certified LEED-Gold.
The building is particularly attractive among technology and creative users, according to Ivanhoé.
“330 Hudson is a leading example of the creative work environment that is increasingly desirable to the growing technology and media industries in Hudson Square, which is one of New York’s most promising urban live/work neighborhoods,” says Adam Adamakakis, the firm’s executive vice president of U.S. investments. “We hope to capitalize on more opportunities in key U.S. markets soon.”
This is the fifth transaction Ivanhoé has executed with CCP. The joint venture now has more than $2.1 billion invested in U.S. office properties. The majority owner of 330 Hudson is an affiliate of Beacon Capital Partners.
“We are delighted with the addition of 330 Hudson to the Ivanhoé Cambridge/Callahan portfolio as it exemplifies our strategy to build a high-quality office platform concentrated in top markets around the country,” says Tim Callahan, CCP’s CEO.
“With its prime location and unique attributes, 330 Hudson has a very strong competitive position and we look forward to working with Beacon to further enhance value as we complete the lease up of the property,” adds Callahan.
Canada-based Ivanhoé Cambridge focuses on real estate investments, developments, asset management, leasing and operations. The firm maintains about $37.4-billion worth of assets throughout Canada, the U.S., Europe, Brazil and Asia.
Chicago-based CCP is a real estate investment firm specializing in high-quality office properties that generate above-average, risk-adjusted returns.
— Nellie Day