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
