DENVER—Ivanhoé Cambridge has spent more than $200 million for a 40% interest in a portfolio of properties located in downtown Denver, which includes the US Bank Tower, the Tabor Center and the adjacent Two Tabor development site.

The holdings were purchased from Canada Pension Plan Investment Board. CPPIB had been part of the original joint venture since 2007.

With this transaction, Montreal-based Ivanhoé Cambridge becomes one of the main landlords in Denver's commercial business district, with an ownership position representing approximately 6% of class A office inventory in downtown Denver. Denver is a top performing US office market, driven by high growth industries, including energy, healthcare, technology and aerospace.

“We are pleased with the progress in executing our strategy of building a critical mass of high quality office properties while diversifying our footprint across leading US markets,” said Adam Adamakakis, executive vice president, investments, United States at Ivanhoé Cambridge. “We continue to capitalize on opportunities to grow and enhance our platform with Callahan Capital Properties and we are very enthusiastic about entering the dynamic Denver market through an investment which provides further expansion opportunities.”

Located at 1200, 17th Street, Tabor Center is a 30-story, 572,000 square foot trophy office tower and a three-story, 163,000 square foot mixed-use property offering highly desirable retail and health club amenities. It is widely regarded as the most prestigious business address in downtown Denver and enjoys market-leading rents and occupancy. The property's unrivaled location is bounded by 17th Street, the 16th Street Mall and the thriving LoDo (Lower Downtown) neighborhood which offers an abundance of retail, dining and entertainment options.

Located at 950, 17th Street, in Denver Colorado, US Bank Tower is a 26-story, 520,000 square foot class A office tower offering some of the best views in the city. Located just steps away from Tabor Center, the US Bank Tower has equally impressive access to the 16th Street Mall and LoDo.

This transaction is Ivanhoé Cambridge's sixth acquisition made with Callahan Capital Properties, bringing the partners' U.S. office platform investments to more than $2.4 billion. An affiliate of Callahan Capital Properties continues to be an equity partner and the asset manager for these properties.