Morguard Corp. has bolstered its downtown Ottawa portfolio with the purchase of the Jean Edmonds Towers alongside an institutional partner.
The real estate management firm will own just under half of the two-tower, 552,000-square-foot complex located at 300 Slater St. and 365 Laurier Ave., with the unnamed partner taking a 50.1 per cent ownership stake.
The acquisition from previous owner and operator Brookfield Asset Management was valued at $186 million before taxes.
When it’s time to increase prices, it can be a delicate subject, as businesses don’t want to alienate their customer base or appear opportunistic.
The two 20-storey towers are currently 98 per cent occupied by Public Services and Procurement Canada, according to a release.
Morguard will provide property management services at the towers, giving the firm operational management of a full block in Ottawa’s central business district. The company and its affiliates also manage and hold ownership interests at 280 Slater St., 301 Laurier Ave W., 333 Laurier Ave W. and 150 Bank St.
In a statement, the firm says the Jean Edmonds acquisition allows for “potential master planning opportunities” on the block.
The deal brings Morguard’s managed real estate portfolio in Ottawa to more than five million square feet. The firm owns or manages 2,800 residential suites in the National Capital Region. Morguard also recently acquired a 134,000-square-foot building in Gatineau at 41 Rue Victoria.
The Jean Edmonds Towers were built in 1974 by Robert Compeau and are the former home of the Ottawa Journal newspaper.