Ivanhoé Cambridge has acquired a 49.9 per cent ownership interest in 1411 Broadway, a 40-storey office tower located in Manhattan, for over US$360 million. The joint venture agreement with The Swig Company includes a managing interest for Ivanhoé Cambridge and a significant 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 occupying a full block in Midtown, situated west of Bryant Park and south of Times Square, an area that is benefiting strongly from the business community’s westward migration from the east side of Manhattan. The 1.2 million square foot property features direct access to the transit lines of the Times Square subway station and is in close proximity to the train and bus terminals.
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