Canada Pension Plan Investment Board (CPPIB) and Ivanhoé Cambridge have increased their allocations to New York’s core office market, investing $108m (€79m) and $150m respectively.
CPPIB has increased its ownership interest in One Park Avenue to 45% through a joint venture with Vornado Realty Trust.
The Canadian institution previously held an indirect 11% stake through its investment in the Vornado Capital Partners Parallel fund.
The parties value One Park Avenue at $560m, including the assumption of $250m of debt. Vornado will manage the 941,000 sqft property.
Ivanhoé Cambridge and its partner, Callahan Capital Properties, meanwhile, bought a 49% interest in 330 Hudson in Manhattan.
The 467,000 sqft building was bought in a joint venture with affiliates of Beacon Capital Partners.
The transaction, Ivanhoé Cambridge’s fifth with Callahan, takes the partners’ US office platform investments to more than $2.1bn.
