Lasalle purchases $135M stake in downtown Ottawa Minto Place complex

Minto Place
(Google Street View image)

Ottawa-based Minto Group says it’s sold an additional stake in its namesake downtown office complex.

On Wednesday, the firm said LaSalle Investment Management was purchasing an interest in the three-building Minto Place complex, which is bordered by Laurier Avenue as well as Kent, Slater and Lyon streets.

Minto Capital, Investors Group and LaSalle will now each hold a one-third interest in the complex. Minto will continue to oversee property management and leasing of the property.

LaSalle’s purchase was reported to be worth $135 million, which would value Minto Place at approximately $405 million.

Real estate services firm CBRE helped to broker the deal, which comes roughly a year after Investors Group purchasing a 50-per-cent stake in the complex for $188 million.

The complex, which has a total of 945,030 square feet of leasable retail and office space, was built in phases. The 14-storey Enterprise Building on Laurier Avenue and the 18-storey Canada Building were both constructed in 1988. The 19-storey office tower at 180 Kent St., which houses Minto’s headquarters, was completed in 2009.

Excluded from the transaction was the OneEightFive multi-residential building on Lyon Street, which was spun off into Minto new apartment REIT that debuted on the Toronto Stock Exchange last month.