Ivanhoe Pays $360M For Blackstone's Share Of NYC Tower

Law360, New York (November 19, 2012, 1:32 PM EST) -- Canadian real estate developer Ivanhoe Cambridge has purchased a 49.9 percent stake in a 40-story Manhattan office tower for $360 million from The Blackstone Group LP, Ivanhoe announced Monday.

The 1.2 million-square-foot property at 1411 Broadway in Midtown was previously operated by a joint venture between Blackstone and The Swig Co. LLC. Blackstone announced earlier this year that it planned to divest some of its U.S. real estate assets, putting its stake in 1411 Broadway on the block in May.

With the purchase, Ivanhoe enters a...
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