Canadian investor buys more U.S. assets
Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, is under contract to buy a two-property portfolio from Walton Street Capital.
An official announcement has not been made. The pending deal is estimated to have a sales price of $280 million. The portfolio consists of two offices in Seattle, totaling 678,593 square feet. The properties are part of a nine-building portfolio Walton Street is selling.
The larger office located at 1111 Third totals 554,945 square feet. The 34-story office is 65 percent occupied. The sales price is estimated to be $229 million. The other office is the 123,648-square-foot Second & Spring, located at 1100 Second Ave., with a sales price of $51 million.
With the new assets added to its portfolio, Ivanhoé Cambridge will have more than 1.62 million square feet in the Seattle office sector, according to Real Capital Analytics. In 2013, the firm and its