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

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The holdings were purchased from Canada Pension PlanInvestment Board. CPPIB had been part of the originaljoint venture since 2007.

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

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“We are pleased with the progress in executing our strategy ofbuilding a critical mass of high quality office properties whilediversifying our footprint across leading US markets,” saidAdam Adamakakis, executive vice president,investments, United States at Ivanhoé Cambridge. “We continue tocapitalize on opportunities to grow and enhance our platform withCallahan Capital Properties and we are veryenthusiastic about entering the dynamic Denver market through aninvestment which provides further expansion opportunities.”

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Located at 1200, 17th Street, Tabor Center is a30-story, 572,000 square foot trophy office towerand a three-story, 163,000 square foot mixed-use property offeringhighly desirable retail and health club amenities. It is widelyregarded as the most prestigious business addressin downtown Denver and enjoys market-leading rents and occupancy.The property's unrivaled location is bounded by 17th Street, the16th Street Mall and the thriving LoDo (Lower Downtown)neighborhood which offers an abundance of retail, diningand entertainment options.

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

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This transaction is IvanhoéCambridge's sixth acquisition made with Callahan CapitalProperties, bringing the partners' U.S. office platform investmentsto more than $2.4 billion. An affiliate ofCallahan Capital Properties continues to be an equity partner andthe asset manager for these properties.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.