Trending
A red, white, and black flag with a white background.

Asset management firm closes $186-million transaction in Ottawa

Two business people shaking hands in front of a city.

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:

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.

Post a Comment

Related Articles

Furnished executive rentals are a specialized niche catering primarily to corporate travellers, business professionals, relocating employees, and various industry needs. This unique market offers landlords...

A Staff Analytical Note on Monetary Policy, Interest Rates and the Canadian Dollar, which was released this February by the Bank of Canada, examined recent...

Most Trending News

Furnished executive rentals are a specialized niche catering primarily to corporate travellers, business professionals, relocating employees, and various industry needs. This unique market offers landlords...

A Staff Analytical Note on Monetary Policy, Interest Rates and the Canadian Dollar, which was released this February by the Bank of Canada, examined recent...

A shifting Toronto real estate market saw suburban office space achieve its first annual net absorption gain since 2019, while downtown vacancy rates climbed despite...