Montreal-based real estate investment firm Ivanhoé Cambridge has acquired Callahan Capital Properties (CCP), a real estate private equity firm headquartered in Chicago. Financial details of the transaction were not disclosed. Eastdil Secured advised on the transaction.
In 2012, Ivanhoé Cambridge entered into a strategic relationship with CCP with the mandate of significantly expanding its U.S. office properties platform. Over the years, the strategy was very successful, and, at the time of closing, the platform’s assets under management in the U.S. were in excess of $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. “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.”
The portfolio of Chicago properties now under Ivanhoé Cambridge’s control includes 10 and 120 S. Riverside Plaza, 125 S. Wacker Drive and 180 N. LaSalle Street. The full portfolio features office buildings in Boston, Denver, New York and Seattle.
“I am very proud of the results that this relationship has achieved over the past six years. Together we built a high-quality national office portfolio and executed numerous complex asset management strategies across the portfolio,” said Tim Callahan, CEO of Callahan Capital Properties. “I am equally proud of the dedication and contributions of each member of the Callahan team to building a highly efficient and valuable operating platform that will now continue to operate within Ivanhoé Cambridge. We wish them all continued success under the Ivanhoé Cambridge banner.”