Ivanhoé Cambridge Acquires Callahan Capital Properties
Ivanhoé Cambridge and Callahan Capital Properties (CCP) announce that they have completed a transaction that sets out the terms under which Ivanhoé Cambridge acquires CCP, effective immediately. Financial details of the transaction were not disclosed. Eastdil Secured advised on the transaction.
In 2012, Ivanhoé Cambridge entered into a strategic relationship with CCP with the mandate of significantly expanding its U.S. office properties platform. Over the years, the strategy was very successful, and, at the time of closing, the platform’s assets under management in the U.S. were in excess of US$10 billion.
“We thank Tim Callahan and Michael Colleran for helping us build a strong platform of high-quality office properties in the United States,” said Daniel Fournier, Chairman and Chief Executive Officer, Ivanhoé Cambridge. “We are delighted to welcome a team of experienced professionals in this transition to Ivanhoé Cambridge and to prepare the strategy for the next steps in our plan for our U.S. Office platform.”
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Tim Callahan, Chief Executive Officer of Callahan Capital Properties, noted “I am very proud of the results that this relationship has achieved over the past six years. Together we built a high-quality national office portfolio and executed numerous complex asset management strategies across the portfolio. I am equally proud of the dedication and contributions of each member of the Callahan team to building a highly efficient and valuable operating platform that will now continue to operate within Ivanhoé Cambridge. We wish them all continued success under the Ivanhoé Cambridge banner.”
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List of Ivanhoé Cambridge Office assets in the United States:
Boston
One Boston Place (201 Washington St)*
Chicago
10/120 South Riverside Plaza
125 South Wacker Drive
180 North LaSalle
515 North State*
River Point (444 W Lake St)*
Denver
410 17th Street
Tabor Center
US Bank Tower
Los Angeles
PacMutual (523 W 6th St)
New York
85 Broad Street
1211 Avenue of the Americas
1411 Broadway
Three Bryant Park
Seattle
999 Third Avenue
Newport Corporate Center
U.S. Bank Centre
*Managed by third parties
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a long-term view to generate optimal, risk-adjusted returns. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Vertically integrated in Canada, Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors. Ivanhoé Cambridge held more than C$60 billion in assets as at June 30, 2018 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For more information: ivanhoecambridge.com.
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