CHICAGO AND NEW YORK CITY — Ivanhoé Cambridge has acquired Callahan Capital Properties (CCP) for an undisclosed price. The transaction will internalize all investment and asset management responsibilities.
In 2012, Ivanhoé Cambridge partnered with CCP to expand its U.S. office properties platform. At the time of closing, the platform’s assets under management were in excess of $10 billion.
Some prominent office properties that the partnership owns in New York include 85 Broad St., 1411 Broadway and Three Bryant Park. In Chicago, the duo owns 125 S. Wacker Drive and 180 North LaSalle.
Canada-based Ivanhoé Cambridge, which has an office in New York, develops and invests in real estate properties, projects and companies. The company is the real estate investment arm of Quebec’s public pension fund manager. Through subsidiaries and partnerships, the company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors.
Chicago-based CCP is a real estate private equity firm founded in 2006 by Tim Callahan, the former CEO of Trizec Properties, an office real estate investment trust.
Eastdil Secured advised on the transaction.
— Kristin Hiller