The real estate subsidiary of the Caisse de dépôt et placement du Québec, Ivanhoé Cambridge and its partner, Callahan Capital Properties, have bought two Seattle office properties for about US$280 million ($316.3 million).
Together, they purchased a 100% interest in two adjoining office properties in downtown Seattle.
The first property, 1111 Third, is a 34-storey, 572,500-square-foot class A office building located in the downtown core. The second building, Second & Spring, is a five-stoery, 135,000-square-foot historic office property constructed in 1906 and redeveloped in 2013.
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“1111 Third and Second & Spring are terrific properties that complement our existing ownership stakes in the nearby 999 Third and U.S. Bank Centre buildings,” says Adam Adamakakis, executive vice-president, investments, United States, with Ivanhoé Cambridge.
This acquisition is Ivanhoé Cambridge’s seventh with Callahan Capital Properties, bringing the partners’ U.S. office platform investments close to US$2.7 billion ($3.05 billion).
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