| NEW YORK
NEW YORK Oct 15 Ivanhoé Cambridge, the real
estate investment arm of Canadian pension fund Caisse de Dépôt
et Placement du Québec, on Tuesday said it acquired a 51 percent
stake in the Manhattan skyscraper that serves as News Corp's
headquarters for more than $850 million.
Under the deal, the seller, Beacon Capital Partners LLC,
will retain the remaining stake in the 2 million square-foot
(187,100 square-meter) building at 1211 Avenue of the Americas,
the company said.
The deal values the 45-story skyscraper between 47th and
48th Streets at $1.75 billion, according to a person familiar
with the matter. The building is adjacent to Rockefeller Center,
an area where the availability rate - the space that is expected
to be vacant within the next 12 months - has grown to 12.6
percent in the third quarter from 10.4 percent a year earlier,
according to real estate services company CBRE Group Inc
That is slightly higher than the 12.2 percent third quarter
overall midtown Manhattan availability rate.
Eastdil Secured, a unit of Wells Fargo & Co, handled
Ivanhoé Cambridge was an early mover in acquiring commercial
real estate right after the credit crisis. The acquisition
brings Ivanhoé Cambridge's investments in Manhattan office and
apartment buildings to $3 billion, the company said.