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.
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