Ivanhoé Cambridge, Callahan buy Manhattan property for $650 mln

Ivanhoé Cambridge has partnered with Callahan Capital Properties, a U.S. real estate private equity firm, to acquire 85 Broad Street, an office building in Manhattan, New York. Ivanhoé and Callahan paid US$650 million for the 1.1-million-square-foot office tower. Ivanhoé's Arthur Lloyd said the deal expands the firm's New York office portfolio to more than 6.7 million square feet. Ivanhoé is the real estate investment arm of the Caisse de dépôt et placement du Québec.

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