Ivanhoé Cambridge has acquired a Class A office tower in Seattle for approximately $390 million. The real estate investment arm of the Caisse de dépôt et placement du Québec purchased the Wells Fargo Center in Seattle’s financial district from Beacon Capital Partners.
Ivanhoé landed on the 47-story, 983,600-square-foot asset, located at 999 Third Avenue, as the result of its partnership with Chicago-based Callahan Capital Properties, which was established late last year to help Ivanhoé source and invest in US office properties. A spokesperson for Ivanhoé told PERE that this strategic relationship involves strictly sourcing investment opportunities and obtaining asset management services. Callahan is not a joint venture partner.
“This strategic relationship will help us source great investment opportunities and provide access to a high level of expertise that will allow us to build a presence in the US,” the spokesperson added.
Daniel Fournier, chief executive officer of Ivanhoé Cambridge, said: “This acquisition, an opportunity brought to our attention through Callahan, contributes to our strategy aimed at building a national platform of assets comprised of superior-quality office buildings that are well-located in the US.”
This isn’t Ivanhoé Cambridge’s first investment in the Seattle market. In addition to the Wells Fargo Center, the firm also has a 50 percent ownership interest in the US Bank Centre, also located in Seattle’s financial district.