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Asset management firm closes $186-million transaction in Ottawa

by Ephraim Vecina on 23 Oct 2018

Earlier this week, Morguard Corporation announced the completion of its joint purchase of a major two-tower office building in Ottawa’s central business district

The sale of the 552,000-square-foot Jean Edmonds Towers, situated at 300 Slater Street and 365 Laurier Avenue, was valued at $186 million before taxes and transaction costs.

“Morguard and its institutional partner will own the complex on a 49.9% - 50.1% basis, respectively, with Morguard providing property management services,” the announcement stated.

The acquisition has given the company operational management of a full city block in downtown Ottawa.

“With Morguard now managing operations at all the commercial properties on the block, there are future consolidated redevelopment opportunities that will create value for all the assets over the long term,” Morguard chairman and CEO K. Rai Sahi said. “We’re excited to add this important piece to our downtown Ottawa portfolio as we continue to expand our footprint in this strategic market.”

Read more: Ottawa’s rental segment is shifting to a higher gear

According to a recent report by CBRE, Ottawa’s commercial market had its best first-half-of-the-year in a decade, with overall investment during the first two quarters of 2018 growing by 10.2% year-over-year to reach $718.5 million.

In Q2 2018 alone, the market had $339.5 million worth of transactions, increasing by 10.5% compared to the same period last year.

These numbers have put the market on a fast track to a strong 2018 finish that might even exceed $2 billion, CBRE stated.

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