Ivanhoé Cambridge Acquires Callahan Capital Properties

The companies had a strategic partnership since 2012, growing their U.S. office portfolio to more than $10 billion.

Canada-based real estate investment firm Ivanhoé Cambridge has acquired private equity firm Callahan Capital Properties (CCP), effective immediately, the companies announced today.

85 Broad St.

Terms of the deal were not disclosed. Eastdil Secured advised Ivanhoe Cambridge on the acquisition.

Since 2012, Ivanhoé Cambridge and Chicago-based CCP had a strategic relationship with the aim of expanding Ivanhoe Cambridge’s U.S. office properties platform. At the time of the deal closing, the platform’s assets under management in the U.S. were valued at more than $10 billion.

“We thank Tim Callahan and Michael Colleran for helping us build a strong platform of high-quality office properties in the United States,” said Daniel Fournier, Chairman and Chief Executive Officer, Ivanhoé Cambridge, in prepared remarks. “We are delighted to welcome a team of experienced professionals in this transition to Ivanhoé Cambridge and to prepare the strategy for the next steps in our plan for our U.S. Office platform.”

Ivanhoé Cambridge’s office assets in the U.S. include properties in several major cities, including 85 Broad Street, 1211 Avenue of the Americas, 1411 Broadway and Three Bryant Park in New York City, One Boston Place in Boston and the PacMutual complex in Los Angeles.

Through subsidiaries and partnerships, the company holds interests in more than 1,000 buildings worldwide in a wide range of real estate sectors. Ivanhoé Cambridge is a real estate subsidiary of a Quebec-based institutional investor.

The acquisition comes during a busy year for mergers and acquisitions. In March, Brookfield Property Partners entered into an agreement to purchase GGP for $15 billion. In May, Newmark Group, shortly after it’s initial public offering, announced its purchase of retail firm RKF, followed later that month by Blackstone Group L.P. acquiring Gramercy Property Trust, an industrial REIT, in a $7.6 billion deal.