Two downtown office towers totalling more than 300,000 square feet at 400 Cumberland St. and 77 Metcalfe St. have sold for a combined $60 million.
One prominent retail analyst says the move could pave the way for a new wave of residential development at the site, which includes about 170,000 square feet of commercial space.
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.
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.
“It’s extremely rare you would see something of this scale and quality ever surface in a market like Ottawa, which is pretty tightly controlled"
Real estate brokerage predicts shift toward hybrid work model will lead to more space coming on the market as 2021 rolls on.
Crestpoint Real Estate Investments has taken a 50 per cent stake in an office building at 234 Laurier Ave. W.
The company leading the charge to redevelop LeBreton Flats and Bayview Station is a
Last year’s record-breaking purchase of Ottawa’s Constitution Square complex reunited property owner Canderel with the downtown office complex it helped construct some 25 years earlier an