Trending

Ivanhoe Cambridge buys longtime partner Callahan Capital

Firms jointly own 3 Bryant Park, 1211 Sixth Ave

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

Sign Up for the undefined Newsletter

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.

Recommended For You