Global real estate investor Ivanhoé Cambridge announced plans to establish its first business presence in New York City, joining local colleagues from CDPQ and fellow subsidiary Otéra Capital at its 1211 Avenue of the Americas property.
This expansion is in sync with Ivanhoé Cambridge’s heightened investment management focus as it seeks to accelerate value creation within its approximately US$28 billion U.S. portfolio. The firm looks to benefit from the increased proximity to its assets, partners, and local market intelligence in a region that accounts for roughly 50% of its global portfolio.
“The decision to add an office presence in New York City reflects the evolution of where our business is today and where we strive to be in the future,” said Nathalie Palladitcheff, president and chief executive officer, Ivanhoé Cambridge. “Our commitment to our depositors drives us to consider all the ways in which we can enhance the resilience and performance of our portfolio on an ongoing basis, and this new positioning will enable us to combine the power of the Ivanhoé Cambridge brand with the depth and breadth of the CDPQ ecosystem in a vital market.”
What’s more, to facilitate collaboration, Ivanhoé Cambridge will be sharing the workspace currently occupied by CDPQ and Otéra Capital at the building.
To anchor its local presence, the firm sought out New York-based talent with intimate knowledge of regional market dynamics and a strong track record of success in the industry. To that end, Ivanhoé Cambridge recently welcomed Michael Caracciolo as vice president, asset management, United States and head of the New York Office, a newly created position within the United States and Latin America Hub leadership team. Caracciolo will play a leading role in optimizing Ivanhoé Cambridge’s asset management activities in the U.S., including with operating partners, and will act as a key representative in the local market, working in close collaboration with the investment management team based at the firm’s headquarters in Montréal, Québec, Canada.
Previously, Caracciolo spent 18 years at Tishman Speyer, where he most recently served as the head of asset management for Studio, its flexible office platform. Over the span of his career in real estate, Caracciolo has worked on a broad set of investments across a global portfolio and has held leadership positions in asset management, corporate strategy and finance. He earned a bachelor’s degree from the State University of New York at Geneseo and an MBA from Fordham University’s Gabelli School of Business.
