Deals
Ivanhoe Venture Said to Buy Stake in NYC News Corp. Tower
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Ivanhoe Cambridge, the real estate unit of Canada’s largest pension-fund manager, and a partner agreed to buy a stake in 1211 Avenue of the Americas, a Manhattan skyscraper that houses the headquarters of Rupert Murdoch’s News Corp., a person with knowledge of the deal said.
Ivanhoe Cambridge teamed with Chicago-based Callahan Capital Partners on the deal for the 49 percent stake, which values the building at $1.75 billion, said the person, who asked not to be named because the details are private. The 45-story tower was acquired by a group led by Beacon Capital Partners Inc. in 2006 for $1.52 billion, according to Real Capital Analytics Inc., a New York-based research firm that tracks commercial-property sales.