The transaction marks the first foray into the Ottawa market for Colorado-based Woodbourne, which will hold the majority stake in the 700,000-square-foot portfolio.
T.O.-based firm acquires 90 per cent stake in 2.8-million-square-foot warehouse, which opened last year and is the largest facility of its kind in Canada.
Local real estate experts say that while office space is here to stay, it will likely be configured very differently once people start returning to their cubicles en masse.
Downtown vacancy rate of 9.9 per cent last quarter was the third-lowest in North America behind Vancouver and Toronto, real estate firm CBRE says.
BRB REIT's portfolio in the National Capital Region now includes more than 650,000 square feet of space at nine office buildings and one industrial property.
Marquee transactions worth a combined $87 million have Ottawa brokerage predicting the new year will pick up right where a frothy 2021 left off for the city's office market.
Crestpoint Real Estate Investments and Crown Realty Partners purchased the 1.17-million-square-foot downtown property in a transaction that closed last week.
Laurier Avenue complex and other aging federal properties could be sold to the private sector as the feds look to modernize their portfolio, the Ottawa Real Estate Forum heard this week.
Vancouver firm is far from the only real estate company looking to grow its portfolio in a red-hot market where a shortage of supply has pushed rents near record highs.
Local developer Joey Theberge purchased Fisher Heights Plaza on Baseline Road in a deal that closed last week.