Ivanhoé Cambridge and its partner Callahan Capital Properties have purchased 125 South Wacker Drive, a 31-storey office tower in downtown Chicago for about US $145 million.

Originally constructed as a headquarters facility for Northern Trust, the 576,000-square-foot property is situated at the corner of South Wacker Drive and West Adams Street in Chicago’s West Loop submarket.

“125 South Wacker Drive is an excellent complement to our Chicago office portfolio, composed of premier properties located in the West Loop, Central Loop and River North,” noted Arthur Lloyd, president, office, North America, Ivanhoé Cambridge.

The office property is one block from Union Station and less than three blocks from Ogilvie Transportation Center. Onsite amenities include a fitness center, conference center, quick-serve restaurant and financial services.

“We are very excited with the opportunity to leverage 125 South Wacker Drive’s premier location and physical attributes, which, along with our planned upgrades to the lobby, elevators and other amenities, will further make this property a truly modernized office environment for current and future tenants,” added Tim Callahan, chief executive officer of Callahan Capital Properties.

Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners and major real estate funds that are leaders in their respective markets.