Ivanhoé Cambridge, Callahan buy Chicago office tower for $145m
Ivanhoé Cambridge and Callahan Capital Properties have bought a Chicago office tower for US$145m (€133m).
The 31-storey building at 125 South Wacker Drive was acquired as part of an ongoing joint venture between Ivanhoé Cambridge, the CAD56bn real estate arm of the Caisse de dépôt et placement du Québec, and Callahan, a private equity company.
The 576,000sqft office tower is situated at the corner of South Wacker Drive and West Adams Street in Chicago’s West Loop submarket.
The property includes a fitness centre, conference centre, restaurant and financial services. It was originally constructed as a headquarters facility for Northern Trust.
Arthur Lloyd, president for North American office investments at Ivanhoé Cambridge, said: “125 South Wacker Drive is an excellent complement to our Chicago office portfolio, composed of premier properties located in the West Loop, Central Loop and River North.”
Tim Callahan, chief executive of Callahan Capital Properties, said: “We are very excited with the opportunity to leverage 125 South Wacker Drive’s premier location and physical attributes, which, along with our planned upgrades to the lobby, elevators and other amenities, will further make this property a truly modernized office environment for current and future tenants.”