A Toronto-based real estate investment firm has partnered with an Ottawa company to buy a prominent downtown office building in a deal worth nearly $12.5 million.
Marlin Spring said Wednesday it’s acquired a 12-storey tower at 81 Metcalfe St. from Canada Mortgage and Housing Corp. in a joint venture with Ottawa real estate firm Colonnade BridgePort. The 61,000-square-foot building at the corner of Metcalfe and Slater streets is home to a variety of government, health-care and professional services tenants.
The deal marks the first Ottawa acquisition for Marlin Spring, which owns more than eight million square feet of multi-residential property in Canada and the United States and is now making a push into the commercial sector.
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“We are very pleased to add this important acquisition to our growing portfolio of income-producing assets,” Marlin Spring president Ashi Mathur said in a statement.
Colonnade BridgePort, which already managed the property, will continue to serve as the building’s landlord.
“We are excited to begin a new relationship with Marlin Spring on a prominent downtown Ottawa office asset,” Colonnade BridgePort president and CEO Hugh Gorman said in a statement. “We look forward to growing our relationship together in the future.”