Morguard Completes Acquisition of Premier Class A Office Complex in Downtown Ottawa, Ontario
Jan 9, 2023
Morguard acquired a 50 percent freehold interest in 215 Slater, built in 2007 to house the Ottawa headquarters for Telus Communications Inc.
MISSISSAUGA, ON, Jan. 9, 2023 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard") recently acquired a 50 percent interest in a Class A office building located at 215 Slater Street from a Canadian institutional investor. The property is situated in a high profile, prominent, corner position in Ottawa's central business district.
"Downtown Ottawa is one of Canada's most stable office markets thanks to the large presence of the federal government, combined with a sizable yet growing technology sector and limited future supply of new office construction," said Michael Swan, Assistant Vice President, Property Management and Leasing Office & Industrial, Ottawa. "This is a highly coveted property with an exceptional tenant in a premium location. 215 Slater will provide additional stability and upside to our already expansive Ottawa portfolio."
Purpose built in 2007 to house the Ottawa headquarters for Telus Communications Inc., the nine-storey, 109,208 square foot building features an attractive design, high quality construction materials and finishes, and modern efficiencies with LEED-Gold certification. The property is situated within a short walk to Parliament Hill and Ottawa's transportation network. In addition to acquiring a joint venture ownership interest in 215 Slater, Morguard assumes asset and property management, adding to its Class A office assets in Ottawa's central business district, which includes 150 Elgin Street. This investment represents the continued expansion of our office portfolio.
Morguard's total office portfolio includes 12.0 million square feet and is valued at $3.3 billion as of September 30, 2022. In the Ottawa region, Morguard's office portfolio totals 3.5 million square feet with a value of $1.2 billion. Morguard's previous experience managing the property and status as one of the largest office landlords in Ottawa makes this a great opportunity to leverage its operational strength and expertise.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $19.5 billion. Please visit www.morguard.com or follow us on LinkedIn.
SOURCE Morguard Corporation
For further information: K. Rai Sahi, Chairman and Chief Executive Officer; Michael Swan, Assistant Vice President, Property Management and Leasing Office & Industrial, Ottawa; (905) 281-3800; or email email@example.com