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.
Built in 1971 and renovated in 2015, 180 N. LaSalle is a 38-story, 769,000 square foot class A office building located in the Central Loop submarket at the corner of LaSalle and Lake St. The building sits adjacent to the new Chicago Riverwalk, a pedestrian path alongside the Chicago River and directly across from the downtown "El" hub where all six train lines feed into this station.
"We are delighted with the addition of 180 N. LaSalle to our downtown Chicago office portfolio," says Tim Callahan, chief executive officer of Callahan Capital Properties. "It complements our other nearby buildings at 10 and 120 S. Riverside Plaza and 515 N. State St., 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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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.
