A 550,000-square-foot office tower occupied by the federal government is expected to hit the market in the coming months, according to Colliers International.
The real estate services firm said in its first quarter Ottawa office report that the Jean Edmonds Towers, two buildings occupying half a city block bounded by Kent Street, Laurier Avenue and Slater Street, will be listed in the second quarter.
The property was built in 1974 by Robert Compeau and is the former home of the Ottawa Journal newspaper, according to Brookfield, which owns and manages the buildings.
The property was renamed the Jean Edmonds Towers in honour of the first female executive in the Canadian Public Service and is currently home to Immigration, Refugees and Citizenship Canada and the Canada Border Services Agency.
Colliers says the Jean Edmonds Towers property is likely to be joined by Scotiabank’s office and main branch at 118 Spark St. as well as a pair of RioCan retail plazas in coming to market later this year.
The listings will add further momentum to Ottawa’s hot investment market, which reached a five-year high in 2017 with some $2 billion in assets trading hands, led by the record-breaking $480-million sale of Constitution Square.
This year has already seen several notable sales, including Fiera’s $78.1-million purchase of several Kanata North office properties, Desjardins’ $68.15-million acquisition of the Investors’ Group Ottawa industrial portfolio as well as Trinity and Timbercreek’s pickup of the Main and Main portfolio that included a half-dozen central Ottawa properties.