Behind Vancouver's Biggest Downtown Office Deal of the Year
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Real Estate Bisnow (Vancouver)

Behind Vancouver's Biggest Downtown Office Deal of the Year

The City of Vancouver wants residential development in the West End, and its efforts appear to be paying off: Bosa Properties and Kingswood Properties scooped up 1500 West Georgia for $120.5M, and mixed-use redevelopment is on the table.

1500 West Georgia (formerly Crown Life Place) is a 193k SF green-glass building at West Georgia and Nicola Streets. Avison Young's Bob Levine—who brokered the sale—tells us it's a prime site that's currently under-utilized. The 20-storey tower was sold by Healthcare of Ontario Pension Plan (HOOPP). He tells us Bosa and Kingswood saw it as an income-producing opportunity, with the potential to build another tower, likely residential, on the east end of the site. “My guess is we're several years away [from redevelopment].”

The deal demonstrates the investment climate downtown remains “very strong,” he says. “There's still lots of demand to buy income-producing assets.” The existing office tower, opened in 1977, had been upgraded by its previous owners. It's in good shape, he says, so a major renovation won't be needed.

Residential redevelopment plans for the property show the city's new official community plan for the West End is attracting interest from investors and developers, Bob says. A handful of other significant deals have been done as a result of the new OCP, he says, pointing to the $83.5M off-market purchase earlier this year of the 1400 block of Alberni (shown above) by Wall Financial. Neither sale could have happened in previous years, he says, because there was no guidance from the city planning department on what might be done with the properties.

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'Everybody Wants To Buy Industrial'

Metro Vancouver's industrial market is faring better than most in the country (save for Montreal), with 1M SF of space absorbed in Q3, according to CBRE. Research director Ross Moore says what's most interesting to him is the bulk of the new space being taken up has been bought, not leased, spurred by record-low interest rates. (The Bisnow rescue team is working around-the-clock to get Ross out of the well where this photo was taken.)

Metro Vancouver is seeing an all-time high of industrial real estate development, too, with 2M SF under construction, including Golden Ears Business Park in Pitt Meadows (pictured), where Building 300 will inject 220k SF of new space into the market. A number of developers have been able to free up land, Ross says, “so I think you'll start to see more developing coming on.”

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RFP Issued For Pearson Dogwood Lands Sale

One of the largest sites ever to come available in Vancouver is now looking for a developer. Redevelopment of the Pearson Dogwood lands is moving ahead, with Vancouver Coastal Health Authority issuing an RFP for the sale of two parcels of land within the 25-acre site—an entire city block bound by Cambie and Heather streets and 57th and 59th avenues. The plan is for the property to be transformed into a mixed-use community with 3M SF of housing, healthcare facilities (including a new 150-bed residential care home and expanded YMCA), and retail and commercial space. Cushman & Wakefield is handling the sale.

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33 Days Until the Top Under 40 Developers / Investors Meet in Miami

The top developers and investors under the age of 40 descend on the Ritz Carlton in South Beach. See who's attending and apply to be considered for one of the few remaining spots here.

Attending Doors Open Vancouver this Saturday? Which sites are you most eager to check out?



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