BUSINESS

Ivanhoe Cambridge buys twin office buildings in Chicago in a US$360M deal

11/20/2013 09:11 EST | Updated 01/25/2014 04:01 EST
MONTREAL - Ivanhoe Cambridge has acquired twin office buildings in Chicago in a US$360 million deal that furthers its plans to establish a strong presence in that city's business district.

The 21-storey twin buildings occupy two full city blocks at 10 and 120 South Riverside Plaza, in Chicago's West Loop. They add 130,000 square metres of office space to the company's portfolio.

The purchase comes 18 months after Ivanhoe Cambridge — the main real estate subsidiary of Quebec's largest pension fund manager — began construction on another development project, the River Point Tower, in the same area.

"Chicago is one of the key U.S. cities we've set our sights on in order to build a solid national high-quality office building platform," said Adam Adamakakis, executive vice president of U.S. Investments for Ivanhoe Cambridge.

Ivanhoe Cambridge has assets in more than 20 countries valued at more than C$35 billion through its various subsidiaries. It's a subsidary of the Caisse de dépôt et placement du Québec.