Urban Development Realizes Performance
Performance Court
Category
- Value Creation
- Office
- 21 storeys
- 360,000 SF
Ownership
- Co-Investment -
- Morguard Corporation
- and Institutional Client
Services
- Asset Management
- Development
- Property Management
- Leasing
Performance Court – a LEED Gold Class A office tower at 150 Elgin in Ottawa, ON is an urban development that realizes performance at every level. The Morguard-led project demonstrates a commitment to healthy, efficient, and high-performing buildings that preserve the environment, while delivering quality product to tenants and long-term value for the co-investors.
The Opportunity
Execute on a vision to build a LEED Gold Class A office tower in downtown Ottawa that meets the market demand for competitive and sustainable workplaces, provides stable income and high yields for Morguard’s shareholders and its co-investor client and sets the benchmark for public benefit spaces.
The Value Proposition
The concept of Performance Court at 150 Elgin Street was born in a formal design competition held by the City of Ottawa. Morguard’s proven track record in managing LEED-standard urban development projects and its financial capacity were instrumental in winning the bid to revitalize the site.
Morguard’s approved design called for a 360,000 square foot Class A office tower with commitments to public benefit spaces and preservation of a designated heritage building on the site.
Morguard’s asset management, development, and leasing teams worked collaboratively to:
-
- secure a solid deal structure
- create long-term value for shareholders and investors
- develop and implement a lease strategy
The Result
Leased at 75% by substantial completion and currently 100% committed, Performance Court has attracted tenants such as the Canada Council for the Arts, Shopify, CIBC Wood Gundy, and KPMG, who required flexible workplace configurations to engage and retain top talent and support their business, financial, and sustainability goals.
As a LEED Gold certified building, Performance Court has one of the smallest carbon footprints of any multi-tenanted office tower in Canada. The target is a 50% reduction in energy consumption compared to the Model National Energy Code for Buildings (MNECB).
First-of-its-kind in Canada, interactive public benefit space including a street level art gallery, a winter garden with a three-storey digital screen and an outdoor terrace with sweeping views of the nation’s capital.
Earned BOMA BEST Platinum Certification in 2016.
