Caisse buys more Seattle real estate

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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