T.O. real estate firm, Colonnade BridgePort partner to buy Metcalfe Street office tower

81 Metcalfe St.
Marlin Spring and Colonnade BridgePort have joined forces to buy the office tower at 81 Metcalfe St. for $12.5 million. Google Maps image

A Toronto-based real estate investment firm has partnered with an Ottawa company to buy a prominent downtown office building in a deal worth nearly $12.5 million.

Marlin Spring said Wednesday it’s acquired a 12-storey tower at 81 Metcalfe St. from Canada Mortgage and Housing Corp. in a joint venture with Ottawa real estate firm Colonnade BridgePort. The 61,000-square-foot building at the corner of Metcalfe and Slater streets is home to a variety of government, health-care and professional services tenants.

The deal marks the first Ottawa acquisition for Marlin Spring, which owns more than eight million square feet of multi-residential property in Canada and the United States and is now making a push into the commercial sector.

“We are very pleased to add this important acquisition to our growing portfolio of income-producing assets,” Marlin Spring president Ashi Mathur said in a statement.

Colonnade BridgePort, which already managed the property, will continue to serve as the building’s landlord.

“We are excited to begin a new relationship with Marlin Spring on a prominent downtown Ottawa office asset,” Colonnade BridgePort president and CEO Hugh Gorman said in a statement. “We look forward to growing our relationship together in the future.”