4 Vancouver Office Projects
We're Watching This Spring
A number of office developments are set to blossom in the coming months. (Oxford Properties Group's MNP Tower was an early bloomer, with Regus Canada moving into the tower two weeks ago.) Here are four other high-profile projects we'll be tracking.
1. Telus Garden
TELUS Garden (which lives up to its name, with 10k SF of green roofs and elevated forests) is slated for delivery next month. Project manager Rhiannon Mabberley, with developer Westbank, tells us the 22-storey office tower achieved its first occupancy permit last week, and the second is expected next month, with tenants occupying in March as well. TELUS Garden, with 448k SF, is substantially leased. Tenants include TELUS, Amazon and law firm Bull, Housser & Tupper. The complex's 53-storey condo tower, with a YYoga centre, opens next year.
2. 980 Howe
BGC Engineering has signed a 15-year lease for four floors at Manulife Real Estate's 269k SF, 16-storey tower (which has plates up to 16k SF). Manulife's Ted Willcocks told Bisnow that deals have been in the works with financial institutions and tech firms for the remaining space. The building, owned, developed and managed by Manulife, is targeting LEED Gold, which BGC said was a major factor in its decision to lease there.
3. 745 Thurlow
This slick-looking 25-storey office building, developed by Bentall Kennedy, is at the southwest corner of Thurlow and Alberni Streets, across from the Shangri-La. 745 Thurlow has 20 floors (365k SF) of leasable office space, with tenants including McCarthy Tétrault and SNC-Lavalin. The first three levels will be occupied by retail and amenities. The tower is two-faced, with the north and west glass curtain wall more traditional in shape, while the south and east facades rise at an outward angle, giving the impression of two distinct building designs.
4. Marine Gateway
The first project to be fully integrated with the Canada Line, the complex's 250k SF, 14-storey office building will have Westport Innovations as its anchor; the firm's seven floors are more than 50% of the building. Located at Cambie Street and Marine Drive, the office building will take occupancy later this year. Construction on the office tower, seeking LEED Gold, has reached the 10th floor. The mixed-use complex, built by PCI Developments, will include two condo towers (both sold out in a day), 11-screen Cineplex theatre and 46k SF Loblaws supermarket.
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Top stories on Bisnow.com
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Mall Sale: B.C.'s Biggest Deal Of 2015?
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The Bay Centre in Victoria has been sold in what Avison Young predicts will be one of the largest commercial real estate transactions in all of B.C. this year. The 407k SF, four-level enclosed mall—on three acres in the heart of Victoria's commercial core—was sold by LaSalle Investment Management and a member of The Westcliff Group of Companies in an off-market transaction to an undisclosed purchaser. The deal closed Feb. 11. |
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This is the second significant investment in Victoria's downtown in the past nine months, with Bosa Development Corp's acquisition of The Empress Hotel in June 2014. The Bay Centre deal “is an indication of the faith placed in the future revitalization and long-term sustainability of Victoria's downtown retail and commercial core,” says Avison Young principal Michael Gill who, along with Avison Young principal Bob Levine, repped the seller. Michael says The Bay Centre's new owners have a “long-term view for the property” that'll involve ”improvements to the asset on several fronts.” |
Simons Expanding To West Vancouver
Quebec City-based fashion retailer Simons will be opening a store at Park Royal in West Vancouver this fall, part of a nationwide growth strategy that will see the 175-year-old company expand to six new locales over the next two years. CEO Peter Simons tells Bisnow that the 100k SF, two-floor store will boast a 40-foot suspended mobile designed by Douglas Coupland, and a facade (rendered above) inspired by Squamish weaving. “We're hoping all of this adds to a better quality urban environment,” Peter says. Simons first expanded outside Quebec in 2012, launching a store at West Edmonton Mall. Other new locations will open at Calgary's The CORE and Edmonton's Londonderry Mall.
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Do you do Retail Business
in the Washington, DC area?
If you're headed to ICSC's annual expo in Las Vegas this spring, and if you do business in DC or suburban Virginia or Maryland, please join please join us at the incomparable Tryst Nightclub at the Wynn Hotel on the evening of May 18. We're honored to announce the Bisnow Beltway Bash! Our Founding Partners are a Who's Who of top retail players of the DC region:
Acadia Retail Trust
ASB Real Estate Investors
Calkain Companies
Combined Properties
Cushman & Wakefield Retail Group
Douglas Development
Federal Realty Investment Trust
JBGR Retail
McCaffery Interests
Miller Walker Real Estate
Peterson Companies
Potomac Development
Roadside Development
Streetsense
Vornado/Charles E. Smith
Washington REIT (formerly WRIT)
More information? Please check out our event page, or contact Chris.Wainwright@Bisnow.com |
New Bisnow Video:
The Art of Negotiation!
Three Reasons to Watch Our Latest Video, "The Art of Negotiation" with Dr. Peter Linneman:
1. If they don't let you expense it at first, you'll be able to negotiate that later.
2. Knowing how to negotiate your compensation will always be useful.
3. It may help you talk your way out of a parking ticket.*
(*Not guaranteed)
You'll also learn about how to negotiate a real estate deal. From learning what your opponent wants to getting what you want, Dr. Linneman explains more than just the basics behind the Art of Negotiation. Watch a sample here. (And check out all of our videos here.) Order yours, and for training program group licenses, email Will Friend at will@bisnow.com. |
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