Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec, and Callahan Capital Properties have agreed to buy four office properties totalling almost two million square feet.
They have bought two properties for more than US$225 million: a 100% interest in Channel Center, a three-building, interconnected brick-and-beam office property totalling 251,394 square feet in Boston’s Seaport District submarket; and a 100% interest in 410 17th Street, a 24-storey, 434,740 square foot office property in Denver’s central business district.
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As part of this transaction, the partners are also under contract to acquire two additional office properties which will close at a later date: a 100% interest in 180 North LaSalle Street, a 38-storey 768,859 square foot office property located in Chicago’s central business district; and the remaining 51% interest in 330 Hudson Street, a 16-storey 467,830 square foot office property located in New York’s Hudson Square submarket, bringing its ownership interest in this property to 100%.
All of the properties in this transaction are being acquired from Beacon Capital Partners.
“This transaction furthers our strategy of acquiring well-located, high-quality office properties in key U.S. cities,” says Arthur Lloyd, executive vice-president, office, North America, at Ivanhoé Cambridge. “Our focused approach of building critical mass in each market reinforces our local presence and strengthens our overall national platform.”
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