Ivanhoé Cambridge, a Montreal-based real estate investor, and its partner Callahan Capital Properties have acquired 85 Broad Street, a prestigious office building located in the Financial District of Downtown Manhattan for $650 million.
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 building recently underwent a remodel that focused on improving existing building amenities and adding state-of-the-art building services. Conveniences offered to tenants include a high-end bike room, a 14,000 square-foot wellness center with yoga room, conference facilities and a 125-seat cafeteria run by Le Pain Quotidien.
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.”