Ivanhoe Puts Up $300M To Get 45-Story Chicago Tower Built

Law360, New York (May 16, 2012, 1:28 PM EDT) -- Canadian company Ivanhoe Cambridge has injected $300 million into a proposed 45-story tower project headed by Hines Interests LP and developer Larry Levy that could become Chicago's first new speculatively built high-rise office building in 14 years, the real estate companies announced Wednesday.

Ivanhoe's investment allows Hines, which has struggled to get the project off the ground since proposing a larger tower in 2008, to finally break ground. The financing deal is expected to close by the end of the month, with construction starting in 2012,...
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