NEW YORK and MONTREAL, May 16, 2014 /CNW Telbec/ - Ivanhoé Cambridge announced today that it has successfully completed the sale of its partnership interest in 388‑390 Greenwich Street in Manhattan to SL Green. Terms of the transaction were not disclosed.
388-390 Greenwich is a two-building, 2.6 million ft2 office property that recently completed a long-term triple net lease renewal to Citigroup, Inc.
Commenting on the sale, Adam Adamakakis, Executive Vice-President, Investments, United States, Ivanhoé Cambridge said: "This transaction is another step forward in implementing our strategic plan for the U.S. market. We look forward to reinvesting this capital into other high-quality properties in major markets as we continue building a national U.S. office platform alongside our strategic partner Callahan Capital Properties."
Ivanhoé Cambridge was co-advised in this transaction by both Eastdil Secured and Callahan Capital Properties, its strategic partner for U.S. office investments.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential properties. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more information: ivanhoecambridge.com.
About Callahan Capital Properties (CCP)
Callahan Capital Properties is a real estate investment firm focused on creating value in real estate by investing in high-quality office properties and leveraging substantial experience and expertise in asset management to generate above-average risk adjusted returns. The principals of CCP have extensive experience in owning, managing and developing some of the most prominent office properties in North America. Additionally, they have created award winning programs in customer service and sustainability.
SOURCE: Ivanhoé Cambridge
For further information: Ivanhoé Cambridge, Sébastien Théberge, [email protected], Media Line: +1 866-456-3342