January 21, 2016

Ivanhoé Cambridge and Callahan Capital Properties Complete the Acquisition of 180 North LaSalle Street in Chicago

Downtown Chicago Portfolio Now Totals almost 3 million sq. ft (280,000 sq.m)

Montreal, Quebec, Canada, and Chicago, IL – Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced today that the acquisition of 180 North LaSalle Street in downtown Chicago for approximately US$198 million has now been completed.

Built in 1971 and recently renovated in 2015, 180 North LaSalle is a 38-story, 769,000-square-foot (71,500 m2) Class A office building located in the heart of Chicago’s Central Loop submarket at the corner of LaSalle and Lake Street.  The building benefits from its proximity to abundant retail, dining and cultural amenities as well as River North and the Chicago Riverwalk, a newly constructed pedestrian path alongside the Chicago River.  The building also sits directly across from the downtown “El” hub where all six train lines feed into this station.

Arthur Lloyd, Executive Vice President, Office, North America, at Ivanhoé Cambridge said: “Chicago is a key city in our strategy to grow our U.S. office platform with Callahan Capital Properties and 180 North LaSalle is an important addition to our portfolio.”

Tim Callahan, Chief Executive Officer of Callahan Capital Properties, noted: “We are delighted with the addition of 180 North LaSalle to our downtown Chicago office portfolio. It complements our other nearby buildings at 10 & 120 S Riverside Plaza and 515 N State Street, held in partnership with Beacon Capital Partners. With significant public improvements, downtown Chicago continues to thrive and attract new residents and businesses. This is a positive driver for tenants to choose quality buildings in the CBD.”

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