Bloomberg News

Caisse de Depot Buys Seattle Wells Fargo Center for $390 Million

June 03, 2013

Caisse de Depot et Placement du Quebec’s Ivanhoe Cambridge real estate unit bought the 47-story Wells Fargo Center in Seattle for $390 million as the company increases its holdings of top-tier office buildings in the city.

The tower has 983,600 square feet (91,400 square meters) of leasable space, Montreal-based Ivanhoe Cambridge said in a statement today. Wells Fargo Center, located at 999 Third Ave., is one of downtown Seattle’s tallest buildings. The seller was Boston-based Beacon Capital Partners, said Michele Meier, an Ivanhoe Cambridge spokeswoman.

The acquisition of the skyscraper, which has views of Elliott Bay and the city, brings the Canadian investor’s share of Class A space in Seattle’s financial district to almost 8 percent, Ivanhoe Cambridge said. It has a 50 percent stake in the 943,600-square-foot U.S. Bank Centre, also in the district.

“Wells Fargo Center provides the opportunity to create significant value, while enabling us to grow our presence in the financial district of a city that serves as a major continental gateway,” Adam Adamakakis, executive vice president for investments at Ivanhoe Cambridge, said in the statement.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus