Quebec’s Ivanhoé Cambridge has opened its first U.S. office, in New York City.

Montreal-based Ivanhoé Cambridge called the U.S. office presence a decisive step in the institutional investment firm’s quest to create further value within its existing portfolio. Ivanhoé Cambridge’s US$28-billion U.S. portfolio comprises approximately 50% of the company’s total global assets.

The firms is the global real estate investment arm of the Caisse de dépôt et placement du Québec, one of Canada’s and the world’s largest institutional investors.

“The decision to add an office presence in New York City reflects the evolution of where our business is today and where we strive to be in the future,” said Nathalie Palladitcheff, the companay’s president and CEO in a news release.

Michael Caracciolo, recently appointed vice-president of U.S. asset management, will head the New York office. Ivanhoé Cambridge is sharing workspace with the Caisse and another one of its subsidiaries, lender Otéra Capital.