The Caisse de dépôt et placement du Québec’s real estate subsidiary, Ivanhoé Cambridge, has sold a portfolio of two Bellevue, Wash., office towers to Hines Global REIT for an undisclosed amount.
The portfolio totals 524,130 square feet and also includes a 43,413-square-foot development site that is fully entitled for 330,409 square feet of additional office space.
Read: Caisse buys more Seattle real estate
The existing towers (Summit I and II) are 11 and 13 storeys, respectively, and were completed in 2002 and 2005. The development site (Summit III) could accommodate a 15-storey office tower and includes a completed seven-storey subterranean parking garage.
“With this successful transaction, we continue to rotate capital into Seattle’s [central business district] market where we will benefit from the ongoing growth of the Seattle economy and its highly diversified economic base,” says Arthur Lloyd, executive vice-president, global investments, with Ivanhoé Cambridge.
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