The acquisition of 10 and 120 South Riverside Plaza increases the
Company's Chicago office presence in the city to more than 213,000 m2 (2.3 million ft2)
MONTREAL, Nov. 20, 2013 /CNW Telbec/ - Ivanhoé Cambridge announced today
it has acquired 10 and 120 South Riverside Plaza, twin office buildings
in the West Loop submarket of Chicago's business district. The
investment of more than US$360 million in 100% ownership of the
property adds a further 130,000 m2 (1.4 million ft2) of office space to the company's portfolio, strengthening its position
in this much-sought-after Chicago business area.
"Chicago is one of the key U.S. cities we've set our sights on in order
to build a solid national high-quality office building platform,"
explained Adam Adamakakis, Executive Vice President, U.S. Investments,
Ivanhoé Cambridge. "This successful transaction proves one more time
how effective our partnership with Callahan Capital Properties can be
in one of the most competitive real estate markets in the United
The 10 and 120 South Riverside Plaza towers have both received the LEED® Gold EB certification and are superbly located on the west bank of the
Chicago River, steps away from the two busiest commuter rail hubs in
the city's business district, and with both public transit and highways
rapidly accessible. The 21-storey twin buildings occupy two full city
blocks. Tenants enjoy abundant natural lighting and stunning views from
Setting the pace in the Chicago market
This new strategic investment in Chicago comes some 18 months after
Ivanhoé Cambridge announced the start of construction on the River
Point Tower, also in the West Loop, which is the largest property
development project of the past five years in this major U.S.
metropolis. The expected enthusiasm for this promising submarket was
confirmed a few days later, with an anchor-tenant announcement: a major
law firm will be leasing more than 21,000 m2 (225,000 ft2) of space in the new tower.
The West Loop is Chicago's most active real estate leasing submarket. It
boasts the highest concentrations of jobs in the finance, financial
services, enterprise services and real estate sectors, as well as being
a choice destination for high-tech companies.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages
its high-level expertise in all aspects of real estate including
investment, development, asset management, leasing and operations, to
deliver an optimal return for its investors. Through its multiple
subsidiaries, its assets in more than 20 countries were valued at over
Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real
estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more
information, visit ivanhoecambridge.com.
About Callahan Capital Properties (CCP)
Callahan Capital Properties is a real estate investment firm focused on
creating value in real estate by investing in high-quality office
properties and leveraging substantial experience and expertise in asset
management to generate above-average risk adjusted returns. The
principals of CCP have extensive experience in owning, managing and
developing some of the most prominent office properties in North
America. Additionally, they have created award winning programs in
customer service and sustainability.
Image with caption: "Ivanhoé Cambridge grows its presence in Chicago's West Loop district with the purchase of twin office buildings 10 and 120 South Riverside Plaza (CNW Group/Ivanhoé Cambridge)". Image available at: http://photos.newswire.ca/images/download/20131120_C9048_PHOTO_EN_33592.jpg
SOURCE: Ivanhoé Cambridge
For further information:
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