oxford properties takes over seven office towers in calgary and vancouver business districts
in calgary, that includes the 25-storey eau claire tower, centennial place, 400 third and the stack
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centennial place.
oxford properties, a canadian investor in real estate and property management, has bought out seven downtown office towers in calgary and vancouver’s business districts.
in a news release shared tuesday, the toronto-based company announced that it had bought out canadian pension plan investment board’s 50 per cent interest in the office properties for $730 million, leaving it with full ownership of the $1.5-billion portfolio.
in calgary, that includes the 25-storey eau claire tower (611,000 sq. ft), centennial place (1.3 million sq. ft), 400 third (820,000 sq. ft) and the stack (558,000 sq. ft). in vancouver, the company would own the guinness tower (262,000 sq. ft), marine building (177,000 sq. ft) and the mnp tower (277,000 sq. ft), amounting to a four million square foot portfolio.
five of the seven properties were built after 2010, with only 400 third and centennial place built in 1988 and 2010, respectively.
the move is a reversal of the company’s longtime previous practices to dispose of office assets.
“oxford has been a net seller of office for over a decade to achieve portfolio diversification. we believe now is an opportune time to rotate capital back into this asset class, and this portfolio ticks all the right boxes,” said tyler seaman, the company’s executive vice-president.
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“as the asset and property manager of this portfolio, this transaction represents a compelling opportunity for us to further invest in markets that we not only understand intimately, but in buildings where our teams have built great relationships with our customers and where we consistently use this advantage to outperform the market.”
the release follows a report released in march by the commercial real estate firm cbre that found that calgary’s office vacancy rate reached 30.2 per cent, up from 29.5 per cent at the end of last year.
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