Page 8 —
COLORADO REAL ESTATE JOURNAL
— December 3-December 16, 2014
Greater Denver
by Jill Jamieson-Nichols
Montreal-based Ivanhoé Cam-
bridge has acquired a 40 percent
interest in the U.S. Bank Tower,
Tabor Center and Two Tabor
development site.
The Canada Pension Plan
Investment Board, which had
been part of a joint venture own-
ership with Callahan Capital
Properties since 2007, sold its
interest in the assets for $200
million.
The deal makes Ivanhoé Cam-
bridge one of the biggest land-
lords in Denver’s central busi-
ness district with an ownership
position in approximately 6
percent of downtown’s Class A
office inventory.
“We are pleased with the prog-
ress in executing our strategy of
building a critical mass of high-
quality office properties while
diversifying our footprint across
leading U.S. markets. We con-
tinue to capitalize on opportuni-
ties to grow and enhance our
platform with Callahan Capi-
tal Properties and we are very
enthusiastic about entering the
dynamicDenvermarket through
an investment which provides
further expansion opportuni-
ties,” AdamAdamakakis, execu-
tive vice president of U.S. invest-
ments for Ivanhoé Cambridge,
said in a statement.
The Tabor Center, which sits
at the center of the 16th Street
Mall, is a trophy asset in down-
town Denver with top-of-the-
market rents and occupancy.
The 30-story, 572,000-square-
foot office tower and three-story,
163,000-sf mixed-use property
features retail amenities and a
health club. Callahan Capital
has had recent discussions with
the city of Denver about the
long-planned Two Tabor office
tower, which could include as
many as 830,000 sf.
The nearbyU.S. Bank Tower, at
950 17th St., is a 26-story, 520,000-
sf Class A building just off the
16th Street Mall with some of the
best views downtown.
The transaction is Ivanhoé
Cambridge’s sixth acquisition
with Callahan Capital Proper-
ties, bringing the partners’ U.S.
office investments to more than
$2.4 billion. An affiliate of Cal-
lahan continues to be an equity
partner in and asset manager of
the properties.
s
Ivanhoé Cambridge’s investment in the Tabor Center and U.S. Bank
Tower makes it a major downtown Denver landlord.
by Jill Jamieson-Nichols
A 15-building office/flex
park in Centennial recently
sold for $23.47 million as
part of a much larger port-
folio deal.
Dry Creek Business Park
was part of a portfolio of
properties that RREEF
America REIT II Corp. I sold
to entities affiliated with
Westport, Connecticut-based
Greenfield Partners. Parties
involved in the transaction
couldn’t be reached for com-
ment.
Dry Creek Business Park
consists of just over 244,000
square feet of office and
office/warehouse space at
7300-7348 S. Alton Way, on
the west side of Interstate
25.
s
ʻWe are very
enthusiastic about
entering the
dynamic Denver
market through
an investment
which provides
further expansion
opportunities.ʼ
– Adam Adamakakis,
Ivanhoé Cambridge
