Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced the acquisition of a 40% interest in the 515 North State in Chicago for approximately US$55 million through a joint venture with affiliates of Beacon Capital Partners.
515 North State is a 29-story, 654,000 ft2 (61,500 m2) Class-A office tower that is certified LEED® Gold. The property is located in River North, the most dynamic live/work/play submarket in downtown Chicago. It is directly adjacent to numerous public transportation options as well as a broad array of shopping and dining destinations.
“515 North State complements our existing downtown Chicago portfolio with Callahan, now totalling 2.1 million ft2. We are optimistic about the downtown Chicago market and it continues to be one of our key, long-term targets,” noted Arthur Lloyd, Executive Vice President, Global Investments, Ivanhoé Cambridge.
