Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced the acquisition of a 49 percent interest in 330 Hudson in Manhattan for$150 million through a joint venture with affiliates of Beacon Capital Partners.
330 Hudson is a 16-storey, 467,000 s/f Class-A office building that has been entirely transformed through its recently completed redevelopment that included the addition of eight new column-free tower floors on a fully renovated historic, stone-and-brick base building.
Located in the Hudson Square neighbourhood of Midtown South, 330 Hudson is arguably the premier office property in one of the most exciting live-work-play neighbourhoods on Manhattan’s west side, said the company in a press release.
The property is pre-certified LEED Gold and offers physical features that are highly sought-after by the broader market, and particularly technology and creative users.
330 Hudson has generous ceiling heights of 11-to 17-feet, open and flexible floor plans for collaborative work, exposed brick and beam elements, and expansive window lines. “330 Hudson is a leading example of the creative work environment that is increasingly desirable to the growing technology and media industries in Hudson Square, which is one of New York’s most promising urban live/work neighborhoods,” said Adam Adamakakis, executive vice president, U.S. Investments, Ivanhoé Cambridge.
This transaction is Ivanhoé Cambridge’s fifth acquisition made with Callahan Capital Properties, bringing the partners’ U.S. office platform investments to more than $2.1 billion.