Fresh off its expansion into Atlantic Canada, Ottawa-based property management firm Colonnade BridgePort is adding to its portfolio closer to home.
The capital’s largest private-owned commercial landlord has been awarded the contract to manage and oversee leasing at Place Vincent Massey, a two-building office complex in Gatineau.
Place Vincent Massey consists of two connected towers. The original 22-storey highrise was constructed in the 1970s, while a second 10-storey building was added to the complex in 2013.
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At 416,465 square feet, Place Vincent Massey is the largest office property in Colonnade BridgePort’s portfolio. The agreement marks a return to the Quebec market for the Ottawa firm, which previously managed several smaller buildings in Gatineau.
“Geographically, it just makes sense for us,” Ron Matheson, Colonnade BridgePort’s senior vice-president of real estate management services, told OBJ in a recent interview.
“Quebec is kind of circled on the map for us. We have quite a few institutional clients that own assets in Quebec, and I think this is an excellent starting point for us to be in that market.”
Owned by Gatineau-based Katasa Group, Place Vincent Massey is fully leased. The federal government occupies about 95 per cent of the complex, with Environment and Climate Change Canada being the primary tenant.
Colonnade BridgePort took over management of the property on June 1.
The move comes on the heels of the firm’s expansion to the East Coast earlier this year. Colonnade BridgePort now manages more than one million square feet of industrial/flex space in the Halifax region as well as Fredericton and Moncton, N.B., and has offices in Nova Scotia and New Brunswick.
The addition of Place Vincent Massey enlarges its total portfolio to about 13 million square feet of space in Ottawa, Gatineau, southern and southwestern Ontario and Atlantic Canada.
Matheson said the company will continue to look for opportunities to add to its holdings in those regions.
“We’re in growth mode, and we’ve targeted some markets where we think the services that we provide resonate with the ownership groups.”
