CHICAGO, MONTREAL—After a record year for office sales, 2016 is starting off with a bang. Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced yesterday that their $198 million acquisition of 180 N. LaSalle St. in downtown Chicago, first reported on last summer, had been completed.
The Montreal-based Ivanhoé is part of a lengthening line of foreign investors that see top Chicago office properties as solid, long-term investments. The infusion of foreign capital helped drive many of last year's sales, including that of One11 West Illinois, bought by a German firm. Other big office transactions in 2015 included: 233 N. Michigan Avenue for $196 million; the Aon Center for $712 million and 333 W. Wacker Dr. for $320.5 million.
"Chicago is a key city in our strategy to grow our US office platform with Callahan Capital Properties and 180 N. LaSalle is an important addition to our portfolio," says Arthur Lloyd, executive vice president, office, North America, at Ivanhoé Cambridge.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
