Ivanhoé Cambridge Buys 51% Stake in News Corp Building
On October 15, 2013, Montreal-based Ivanhoé Cambridge, the real estate arm of Caisse de Dépôt et Placement du Québec, purchased a 51% stake in 1211 Avenue of the Americas, a Class A office building in Manhattan. Ivanhoé Cambridge acquired the 45-story office building that serves as News Corporation’s headquarters for more than US$ 850 million from an affiliate of Boston-based Beacon Capital Partners LLC. Beacon Capital Partners will retain the remaining stake. The office tower is near the Rockefeller Center and sits on Manhattan’s “Corporate Row.”
Ivanhoé Cambridge continues to build out their office building portfolio in core markets such as New York City. Over US$ 3 billion has been invested in Manhattan office and apartment buildings by Ivanhoé.
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