Opérations et transactions|20 octobre 2010
CPPIB completes US$91 million investment in two office buildings in Washington, D.C.
Torys acted as counsel to Canada Pension Plan Investment Board with a team that included Darren Baccus, Miroslav Fajt, Craig Pell, Peter Keenan, Gavin Scotti and Timothy Martin.
On October 20, 2010, Canada Pension Plan Investment Board (CPPIB) announced a joint venture transaction with Vornado Realty Trust (NYSE: VNO), in which CPPIB has acquired a 45% common ownership interest in two office buildings in Washington, D.C. owned by Vornado: 1299 Pennsylvania Avenue (the Warner Building) and 1101 17th Street NW. The transaction represents CPPIB's first real estate investment in the city's Central Business District.
The assets have a total implied value of US$526 million. CPPIB's equity investment of US$91 million gives it 45% of the existing mortgage indebtedness secured by the properties, in exchange for its 45% common ownership interest in the assets.
The Warner Building is a 13-storey, class A office building containing more than 600,000 square feet of space, located approximately three blocks east of the White House. The building includes the restored historic 1,850-seat Warner Theatre.
1101 17th Street NW is a 13-storey office building containing more than 200,000 square feet of space, situated on the northeast corner of L Street and 17th Street NW in Washington's commercial/business district.
Canada Pension Plan Investment Board, headquartered in Toronto, has a diversified portfolio of assets in the areas of public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments.
Vornado Realty Trust, based in New York, is one of the largest owners and managers of commercial real estate in the United States, with a portfolio totalling more than 100 million square feet of space primarily in New York and Washington, D.C.
Further information is found on CPPIB's website and The Globe and Mail's website.
The assets have a total implied value of US$526 million. CPPIB's equity investment of US$91 million gives it 45% of the existing mortgage indebtedness secured by the properties, in exchange for its 45% common ownership interest in the assets.
The Warner Building is a 13-storey, class A office building containing more than 600,000 square feet of space, located approximately three blocks east of the White House. The building includes the restored historic 1,850-seat Warner Theatre.
1101 17th Street NW is a 13-storey office building containing more than 200,000 square feet of space, situated on the northeast corner of L Street and 17th Street NW in Washington's commercial/business district.
Canada Pension Plan Investment Board, headquartered in Toronto, has a diversified portfolio of assets in the areas of public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments.
Vornado Realty Trust, based in New York, is one of the largest owners and managers of commercial real estate in the United States, with a portfolio totalling more than 100 million square feet of space primarily in New York and Washington, D.C.
Further information is found on CPPIB's website and The Globe and Mail's website.