Ivanhoé Cambridge and Callahan Capital Properties have bought two office properties for $280m (€225m) in Seattle.
The real estate subsidiary of the Caisse de dépôt et placement du Québec said the deal was its seventh with Callahan.
The acquisition takes the partners’ US office platform investments to close to $2.7bn.
The 572,500sqft, 1111 Third and Second & Spring properties have been upgraded and renovated.
Adam Adamakakis, executive vice president of US investments at Ivanhoé Cambridge, said the assets complement its existing ownership in other Seattle properties. Adamakakis said the investor now owns 13% of Seattle’s class A, central business district office market.
“We are well positioned to benefit from the ongoing growth of the Seattle economy and its dynamic underlying industries,” he said.
Callahan chief executive Tim Callahan said Seattle was one of the top-performing economies in the US.
“We are very optimistic about the continued strength and outlook for Seattle,” he said. ”These properties exemplify our focus on investing in markets with compelling long-term growth prospects and in properties with opportunities to enhance value.”
As reported earlier this month, a Ivanhoé Cambridge consortium is close to completing the purchase of a prime New York City office property for a reported $2.25bn.
