Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary, and its partner, Callahan Capital Properties, have purchased a 40% interest in a Chicago building for about US$55 million through a joint venture with affiliates of Beacon Capital Partners.
The 29-storey, 654,000 square foot class A office tower is located in the River North neighbourhood of downtown Chicago.
Read: Caisse invests in the Windy City
It is directly adjacent to numerous public transportation options as well as a broad array of shopping and dining destinations.
“515 North State complements our existing downtown Chicago portfolio with Callahan, now totalling 2.1 million square feet,” says Arthur Lloyd, executive vice-president, global investments with Ivanhoé Cambridge. “We are optimistic about the downtown Chicago and it continues to be one of our key, long-term target markets.”
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