Canadian Buyers Ivanhoe Cambridge and Canada Pension Plan Investment Board Announce Separate Joint Venture Deals for Manhattan Office Towers
Canadians were the biggest foreign buyers of commercial property in America last year and the second-largest in New York, behind the Chinese, according to global commercial real estate and data firm Real Capital Analytics Inc.
Year-to-date Canadians having already purchased over $1 billion worth of property in NY and more than $7 billion the Americas. Today, Canada’s two largest pension funds announced separate deals to buy Manhattan office towers.
Ivanhoe Cambridge Inc., the Montreal-based real estate unit of pension fund Caisse de depot et Placement du Quebec, agreed with its joint-venture partner, Callahan Capital Partners, to acquire a 49 percent interest in 330 Hudson St. for about $150 million, according to a statement today. Canada Pension Plan Investment Board, the country’s largest pension fund, is taking a 45 percent stake in 1 Park Ave., controlled by Vornado Realty Trust.