Ivanhoé Cambridge and its partner, Callahan Capital Properties have paid $2.2bn for a New York office asset.
The Three Bryant Park office property in midtown Manhattan was sold by Blackstone to the joint venture.
As previously reported last year, the sale was expected to trade at a yield of around 4.5%.
The 1.2m sqft building at 1095 Avenue of the Americas is multi-let to tenants including MetLife, Verizon and Dechert.
“The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare,” said Arthur Lloyd, executive vice president of global investments at Ivanhoé Cambridge.
The 97%-let asset, he added, was a ”cornerstone” as it looks to expand its US office platform and ”redeploy capital that has been rotated out of non-core assets globally”.
“It fits perfectly into our investment strategy of building a diversified portfolio of top-quality office properties in gateway US office markets.”
Ivanhoé Cambridge last year bought a 40% stake in a US office portfolio from the Canada Pension Plan Investment Board (CPPIB).
The real estate subsidiary of the Caisse de dépôt et placement du Québec paid $200m (€160m) for the stake in a portfolio of properties in Denver, Colorado.
The portfolio included the US Bank Tower and the Tabot Center.
The latest transaction is Ivanhoé Cambridge’s seventh with Callahan Capital Properties, which asset manages properties for the joint venture as well as being an equity partner.
As of November last year and prior to the Three Bryant Park deal, the two companies had jointly invested more than $2.4bn in US real estate.
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