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Two Downtown Vancouver Office Buildings Bought By Toronto’s Allied Properties REIT
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(Posted on Nov 14, 2018 at 08:11PM by Michelle Bogle)
Earlier this month, Allied Properties Real Estate Investment Trust announced that the Toronto-based firm acquired Two Class I office buildings in downtown Vancouver for $57.5 million. The properties are located at 151 West Hastings in Gastown and 1220 Homer Street in Yaletown.Â
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“These are strategic acquisitions for Allied, in that we’re increasing our penetration in urban Vancouver just as it’s transitioning to a primary Canadian office market,†said Michael Emory, President and CEO, in a press release. “1220 Homer augments our concentration of Class I properties in Yaletown. 151 West Hastings will be our first acquisition in Gastown.â€
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Located on the east side of Homer, one building in from Davie Street, 1220 Homer is a tier-one Class I building. It is comprised of 21,708 square feet of GLA and is fully leased to Perkins + Will Canada Architects for a term expiring in March of 2023. The workspace was designed by the current user and achieved LEED Existing Buildings: Operations and Maintenance 2009 Platinum Certification in September of 2014.
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Located on the north side of West Hastings, one building in from Cambie Street, 151 West Hastings is a tier-one Class I building. While the façade has been preserved, the interior was completely rebuilt to current workspace standards. It is comprised of 38,511 square feet of GLA and is fully leased to Spaces for a term expiring in July of 2033 with four rent escalations over the term.
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The Yaletown sale has already closed and the Gastown sale is expected to close by the end of this month.
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To learn more about this recent acquisition or office investment opportunities in downtown Vancouver, please contact our team to speak with a Marcus & Millichap commercial real estate advisor.
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