Ivanhoé Cambridge acquires interest in 1411 Broadway-$360 million

According to Ivanhoé Cambridge, it has acquired a 49.9% ownership interest in 1411 Broadway, a 40-story office tower, for $360 million. The joint venture agreement with The Swig Co. includes a managing interest for Ivanhoé Cambridge and an investment by both parties towards the physical improvement, energy efficiency and tenant amenities of the building in the short term. 1411 Broadway is a class A office tower with strong growth potential. Ivanhoé Cambridge's new building is in a desirable location in Midtown, situated west of Bryant Park and south of Times Sq. Occupying a full block in Midtown, 1411 Broadway provides views over the city. The 1.2 million s/f property features access to the transit lines of the Times Sq. subway station and is close to the train and bus terminals. The joint venture has engaged the services of Callahan Capital Partners to act as asset manager. "This office building's location, size and quality give it uncommonly attractive leasing features, allowing us to generate attractive returns for our depositors" said Daniel Fournier, chairman of the board and CEO of Ivanhoé Cambridge. He said, "We are particularly pleased to partner up with The Swig Co. and to kick-start what we hope will be a lasting and fruitful relationship with Callahan Capital Partners." Jeanne Myerson, CEO of San Francisco-based The Swig Co., said: "We look forward to this new partnership with Ivanhoé Cambridge and to investing alongside them to bring 1411 Broadway, which was originally developed by our company founder, further success." Ivanhoé Cambridge is one of the world's 10 largest real estate companies. As at December 31, 2011, its assets totalled more than Cdn$30 billion and could be found in over 20 countries around the world. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec, one of Canada's leading institutional fund managers. The Swig Co., LLC, headquartered in San Francisco, is a private investment company with a 75-year history of investment, re-positioning, development and management of commercial real estate properties in major gateway, coastal markets throughout the U.S.