Feds renew Centennial Towers lease with Morguard

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The city's largest private-sector landlord has renewed a lease with the federal government for more than 378,000 square feet inside a downtown office tower, according to a Public Works official.

The new lease at the Centennial Towers, located at 200 Kent St., at Laurier Avenue, runs for 12 years, spokesperson Annick Gauvin-Fleurant wrote in an e-mailed response to questions.

Its main occupants are Courts Administration Services and the Department of Fisheries and Oceans. Public Works declined to disclose the rental rate.

The property is managed by Morguard Investments Ltd. According to the company's website, the 15-storey Centennial Towers is a class-A office building built in 1967. It has undergone two extensive renovations, the most recent of which occurred in 1993-94. The federal government occupies 98 per cent of the building, with ancillary retail space taking up the balance of the property.

Separately, Public Works says it is currently in negotiations to renew "a portion" of its leased space inside the massive Place de Ville office complex on Queen Street, which is owned by Brookfield Properties.

The main tenants inside those buildings include Transport Canada and the Canada Revenue Agency.

The current lease expires on Oct. 31, 2013, according to Public Works.

Vacancy in Ottawa's central business district climbed 60 basis points in the fourth quarter of 2011 to 5.9 per cent, according to brokerage firm Cushman & Wakefield Ottawa.