True North REIT buys downtown Ottawa Narono building in $24.5M deal

Narono

A Toronto-based real estate investment trust has purchased an office tower on Laurier Avenue in a bid to beef up its presence in Ottawa’s downtown core.

True North Commercial REIT announced late last week it bought the 11-storey Narono building at 360 Laurier Ave. W. from Dream Office REIT for $24.5 million. The 107,000-square-foot, Class-B building’s main tenant is the Correctional Service of Canada, and the federal government still has about three and a half years remaining on the lease.

Completed in 1968 and extensively renovated in 2013, the Narono building is True North’s sixth property in the National Capital Region. The REIT’s other local holdings include the 13-storey, 279,000-square-foot Sir Wilfrid Laurier Building next door at 340 Laurier Ave. W., which is also leased to the federal government.

In a statement, True North CEO Daniel Drimmer said the acquisition “will help solidify our footprint in Ottawa’s central business district and allow us to capitalize on operating synergies and efficiencies.”

True North now has a portfolio of 46 commercial properties in five provinces totalling more than 3.7 square feet.