{"id":9931,"date":"2017-05-30T13:16:34","date_gmt":"2017-05-30T13:16:34","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=9931"},"modified":"2026-04-07T15:13:52","modified_gmt":"2026-04-07T12:13:52","slug":"ivanhoe-cambridge-callahan-capital-grab-650m-manhattan-office-gem","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/ivanhoe-cambridge-callahan-capital-grab-650m-manhattan-office-gem\/","title":{"rendered":"Ivanho\u00e9 Cambridge, Callahan Capital Grab $650M Manhattan Office Gem"},"content":{"rendered":"<p>A partnership between Canada-based Ivanho\u00e9 Cambridge and Callahan Capital Properties of Chicago\u00a0closed on the $650 million purchase of <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/85-broad\/\" target=\"_blank\" rel=\"noopener noreferrer\">85 Broad Street<\/a> in the heart of Manhattan.\u00a0According to <em><a href=\"https:\/\/therealdeal.com\/2017\/05\/30\/ivanhoe-cambridge-lands-360m-natixis-loan-for-85-broad-buy\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Real Deal<\/a><\/em>, the <a href=\"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-acquisition\/\" target=\"_blank\" rel=\"noopener\">acquisition<\/a> was made possible with a $360 million CMBS loan provided by Natixis.<\/p>\n<p>The property&#8217;s most recent owners were MetLife Real Estate Investors and Beacon Capital Partners. MetLife had owned the 1.2 million-square-foot trophy office tower since 1985, when it bought it from Goldman Sachs Asset Management. In 2015, Beacon Capital acquired a 50% ownership stake in the <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/financial-district\/\" target=\"_blank\" rel=\"noopener noreferrer\">Financial District<\/a> property, at an undisclosed price, per <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix<\/a> data.<\/p>\n<div id=\"attachment_11075\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/85-broad-St.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-11075\" class=\"wp-image-11075 size-medium\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/85-broad-St-240x300.jpg\" alt=\"85 broad St, Manhattan (via Yardi Matrix)\" width=\"240\" height=\"300\" \/><\/a><p id=\"caption-attachment-11075\" class=\"wp-caption-text\">85 broad St, Manhattan (via Yardi Matrix)<\/p><\/div>\n<p>The 30-story Class A office building at 85 Broad Street was built in 1983 as the headquarters for Goldman Sachs. The company moved out of the property in 2010, to a new location on West Street. Conveniently located in Manhattan, at the core of the <a href=\"https:\/\/www.commercialcafe.com\/blog\/nyc-q1-office-report-2017-off-sluggish-start\/\" target=\"_blank\" rel=\"noopener noreferrer\">New York City office market<\/a>, the building houses high-profile tenants such as WeWork, Oppenheimer, MLA and JLL&#8211;which also handles property management for 85 Broad. The office tower includes 7,000 square feet of retail and underwent cosmetic renovation work in 2013, according to Yardi Matrix.<\/p>\n<p>Arthur Lloyd, president of Ivanho\u00e9 Cambridge&#8217;s North American office operations, explained that \u201c85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users.\u00a0This acquisition expands our footprint and brings our New York office portfolio to more than 6.7 million square feet.\u201d For Callahan Capital Properties, the deal was its first acquisition in <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/downtown-manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Downtown Manhattan<\/a>.\u00a0\u201cWe believe downtown offers tremendous long-term growth potential given the immense public and private investment that continues to attract a broad array of businesses and residents,\u201d Tim Callahan, CEO of Callahan Capital, said in a statement.<\/p>\n<p><em>By Ioana Neamt<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A partnership between Canada-based Ivanho\u00e9 Cambridge and Callahan Capital Properties of Chicago\u00a0closed on the $650 million purchase of 85 Broad Street in the heart of Manhattan.\u00a0According to The Real Deal, the acquisition was made possible with a $360 million CMBS loan provided by Natixis. The property&#8217;s most recent owners were MetLife Real Estate Investors and&hellip;<\/p>\n","protected":false},"author":529,"featured_media":9932,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,39],"tags":[],"class_list":["post-9931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ivanho\u00e9 Cambridge, Callahan Capital Grab $650M Manhattan Office Gem - CommercialCafe<\/title>\n<meta name=\"description\" content=\"Ivanhoe Cambridge and Callahan Capital have acquired a prized Manhattan office asset for $650M in one of the year&#039;s biggest NYC CRE deals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/ivanhoe-cambridge-callahan-capital-grab-650m-manhattan-office-gem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ivanho\u00e9 Cambridge, Callahan Capital Grab $650M Manhattan Office Gem\" \/>\n<meta property=\"og:description\" content=\"Ivanhoe Cambridge and Callahan Capital have acquired a prized Manhattan office asset for $650M in one of the year&#039;s biggest NYC CRE deals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/ivanhoe-cambridge-callahan-capital-grab-650m-manhattan-office-gem\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-30T13:16:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-07T12:13:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/05\/lower-manhattan-1717020_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"694\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Contributor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Contributor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/ivanhoe-cambridge-callahan-capital-grab-650m-manhattan-office-gem\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/ivanhoe-cambridge-callahan-capital-grab-650m-manhattan-office-gem\/\",\"name\":\"Ivanho\u00e9 Cambridge, Callahan Capital Grab $650M Manhattan Office Gem - 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