Montreal’s PROREIT to buy Laurier Avenue office tower in $21.2M deal

251 Laurier
PROREIT has struck a deal to purchase 251 Laurier Ave. W.
Editor's Note

This story was updated with information about the 500 Palladium Dr. acquisition.

A Montreal-based real estate investment trust has announced a pair of transactions in the capital worth nearly $70 million, saying Tuesday it has acquired a downtown Ottawa office tower and is closing in on a deal to buy a Class-A industrial property in Kanata.

PROREIT announced it has purchased an 11-storey office building at 251 Laurier Ave. W. from Slate Asset Management for $21.2 million. 

Located at the corner of Laurier Avenue West and O’Connor Street, the 58,000-square-foot tower was built in 1961 and renovated in 2011. PROREIT said the building, which includes retail space on the ground floor and office space above, is currently fully occupied by a “diverse roster” of private-sector tenants, with an average lease term of about 4.6 years.

PROREIT, which now owns 91 commercial properties across Canada with 4.4 million square feet of leasable space, is bolstering its already significant presence in the capital. 

Before the Laurier Avenue purchase, the firm’s inventory in Ottawa featured five properties covering 295,000 square feet, including a 70,000-square-foot office building at 1335 Carling Ave. and a pair of properties on Auriga Drive in the city’s south end.

The REIT also closed a deal in late September to purchase a mixed-use industrial property in Kanata for $48.5 million.

The 279,388-square-foot property at 500 Palladium Dr. is described as a “state-of-the-art, multi-tenant flex industrial building featuring a prestigious office, research and lab facility.” Currently home to the likes of DNA Genotek, Ribbon Communications and DRS Technologies Canada, the building is 100 per cent occupied with average lease terms of 7.5 years.