Ivanhoé Cambridge, Callahan venture buys Chicago office tower for $145m
Ivanhoé Cambridge and its partner Callahan Capital Properties have acquired an office tower in downtown Chicago, for approximately $145 million.
The property is a 576,000-square-foot, 31-story office tower located at the corner of South Wacker Drive and West Adams Street in Chicago’s West Loop submarket. The property includes a fitness center, conference center, quick-serve restaurant and financial services. The venture is planning to upgrade the office tower lobby, elevators and other amenities, according to Tim Callahan, CEO of Callahan Capital Properties.
Chicago’s downtown office market started 2017 with yet another strong quarter of tenant demand, posting 386,271 square feet of positive net absorption in the first quarter as the market continues to exude healthy fundamentals, according to Colliers.
In first quarter 2017, Chicago’s office vacancy rate increased to 12.4 percent, compared to 12.0 percent in fourth quarter 2016. The office rental r