Ivanhoe Cambridge buys longtime partner Callahan Capital

Firms jointly own 3 Bryant Park, 1211 Sixth Ave

TRD NATIONAL /
Sep.September 20, 2018 01:00 PM

Callahan Capital Properties CEO Tim Callahan and Ivanhoe Cambridge CEO Dan Fournier

Ivanhoe Cambridge acquired its investment partner of six years, Chicago-based real estate private equity firm Callahan Capital Properties, the companies announced Thursday.

The firms formed a partnership in 2012 and jointly own more than $10 billion in U.S. real estate. Ivanhoe Cambridge is the real estate investment subsidiary of Quebec’s public pension fund manager, Caisse de dépôt et placement du Québec. Eastdil Secured helped arrange the acquisition.

In New York, Ivanhoe and Callahan own 85 Broad Street, 1211 Sixth Avenue, 1411 Broadway and 3 Bryant Park, which they bought for $2.2 billion in 2015. This year, the two companies sold the office building at 330 Hudson Street for $385 million.

The partners also own properties in Boston, Los Angeles, Chicago, Denver and Seattle.

Callahan was founded in 2006 by Tim Callahan, the former CEO of Trizec Properties, an office real estate investment trust.

The real estate industry has recently seen record levels of consolidation, as The Real Deal reported. Merger and acquisition activity within the industry hit $524.7 billion last year, surpassing the 2007 record by nearly 25 percent, according to data from Thomson Reuters.


Related Articles

arrow_forward_ios
Charles Rettig, Commissioner of the IRS (Getty)

Opportunity Zone rule change seeks to entice foreign investors

Opportunity Zone rule change seeks to entice foreign investors
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...