Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec, has purchased the Wells Fargo Center in Seattle’s financial district for US$390 million.
“This acquisition, an excellent investment opportunity brought to our attention through our partner, Callahan Capital Properties, contributes to our strategy aimed at building a national platform of assets comprising superior-quality office buildings that are well located in the U.S.,” says Daniel Fournier, the company’s chair and CEO.
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The 47-storey office tower is the ninth tallest building in Seattle.
The acquisition is Ivanhoé Cambridge’s second in the city. It owns a 50% stake in the US Bank Centre, also located in Seattle’s financial district.