New York City, New York, and Montreal, Quebec, Canada, – Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced today the acquisition of a 40% interest in the 515 North State in Chicago for approximately US$55 million through a joint venture with affiliates of Beacon Capital Partners.
515 North State is a 29-storey, 654,000 ft2 (61,500 m2) Class-A office tower that is certified LEED® Gold. The property is located in River North, the most dynamic live/work/play submarket in downtown Chicago. 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 ft2. We are optimistic about the downtown Chicago and it continues to be one of our key, long-term target markets,” noted Arthur Lloyd, Executive Vice President, Global Investments, Ivanhoé Cambridge.
About Callahan Capital Properties (CCP)
Callahan Capital Properties (“CCP”) is a real estate private equity firm focused exclusively on the acquisition and management of high-quality office properties in the central business districts of major U.S. gateway cities. Together with its strategic partner, Ivanhoé Cambridge, CCP’s office platform currently totals approximately 10.9 million square feet, with properties located in New York, Chicago, Seattle and Denver. For more information visit: callahancp.com.
About Beacon Capital Partners, LLC
Beacon Capital Partners, LLC (“Beacon”) is a Boston-based real estate investment firm. Beacon and its predecessor companies have been actively involved in the real estate business for over sixty-five years and have an established reputation as a high-quality property owner, operator, and developer of urban office and mixed-use projects across the U.S. Beacon was formed in January 1998, following the merger of the predecessor public company, Beacon Properties Corporation, with Equity Office Properties Trust. Beacon has sponsored seven investment vehicles representing over $11 billion of aggregate equity capital from various endowments, foundations, pension funds, and other institutional investors. For more information, visit: http://www.beaconcapital.com.