MONTREAL and CHICAGO—Ivanhoé Cambridge and Callahan Capital Properties said Tuesday they had partnered on a quartet of four more office acquisitions from Beacon Capital Partners. The assets include Channel Center in Boston and 410 17th St. in Denver, along with acquisitions in New York City and Chicago that will close at a later date.

Pricing for the individual assets was not disclosed, but Montreal-based Ivanhoé and Chicago-based Callahan said Tuesday that the Boston and Denver properties were acquired for a total of more than $225 million. Real Capital Analytics data values Channel Center, a three-building, 251,394-square-foot complex in Boston's Seaport District, at $100 million.

The 24-story, 434,740 square-foot Denver property traded to Beacon in 2012 for $81 million, RCA data show. Its previous ownership was another joint venture between an American organization and a Canadian one—in this case, Morgan Stanley and the Toronto-based CPP Investment Board.

Still to come are closings on 180 North LaSalle St., a 38-story, 768,859-square-foot office tower in Chicago; and the remaining 51% interest in 330 Hudson St. in Manhattan's Hudson Square submarket. Ivanhoé and Callahan paid 150 million to acquire a 49% stake in the 467,380-square-foot office property in June 2014. Beacon paid $74 million for the property in 2011.

'Not only does this portfolio enable us to efficiently expand and diversify our platform in several of the top performing office markets in the country, but also provides an opportunity to enhance value through lease-up and targeted investments,' says Callahan CEO Tim Callahan. “These are fantastic properties with physical and locational characteristics that appeal to both creative and traditional space users.” Ivanhoé and Callahan previously partnered on the $137-million buy of 515 N. State St. in Chicago earlier this year, also in an acquisition from Boston-based Beacon.

 

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.