By Eliot Brown And Keiko Morris
Blackstone Group LP has reached a deal to sell a Midtown
Manhattan office tower for about $2.25 billion to a venture led by
Canadian property investor Ivanhoe Cambridge, according to people
familiar with the terms of the sale.
The transaction for 1095 Avenue of the Americas, if completed,
would represent the second most expensive sale of an individual
office building in U.S. history, trailing only the 2008 sale of the
General Motors building in Manhattan for $2.8 billion.
The sale illustrates how foreign investors have become the
dominant buyers of top-quality real estate within major U.S.
cities, snapping up glitzy office skyscrapers like Time Warner
Inc.'s headquarters.
Ivanhoe, the real-estate arm of public pension fund Caisse de
dépôt et placement du Québec, has been active in recent years,
buying towers in Seattle and New York.
Ivanhoe joined with with Callahan Capital Partners on the
deal.
Write to Eliot Brown at eliot.brown@wsj.com
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