Morguard completed the purchase of a 20 per
cent freehold interest in Telus Garden located at 510 West Georgia
and 541 Robson Street.
MISSISSAUGA, ON, Oct. 9, 2024
/CNW/ - Morguard Corporation (TSX: MRC) ("Morguard") is pleased to
announce the acquisition of a 20 per cent interest in Telus Garden,
a premier Class AAA office building located at 510 West Georgia and
541 Robson Street, Vancouver, BC.
This property is situated in Vancouver's newly revitalized eastside central
business district, and is home to Telus, Amazon, and other renowned
tenants.
"We are thrilled to strengthen our presence in the heart of
downtown Vancouver, one of
Canada's premier office investment
markets with some of the lowest vacancy rates in North America," said Angela Sahi President and Chief Operating
Officer of Morguard. "This acquisition offers strong growth
potential and aligns with our commitment to a more sustainable
Morguard with the building's thoughtful design and environmental
features."
Built in 2016, this premier Class AAA office building is a
stunning blend of modern design and sustainability. Spanning
557,255 square feet, including 32,855 square feet of retail space,
the 24-storey office building has been recognized with LEED
Platinum and BOMA Best Platinum certifications by utilizing
numerous sustainable features such as a district energy system,
green roof, and solar panels. Notable, unparalleled architectural
elements include a double-height wood-sculpted roof, a
glass-encased lobby with lush gardens, and LED-integrated facade
lighting.
Conveniently located near Vancouver's Skytrain and Expo line, the
property offers 318 parking stalls, supporting various modes of
transportation for tenants. Morguard was appointed as the asset and
property manager for this premier property, which provides
excellent access to a wide array of nearby amenities and fosters a
vibrant, forward-thinking community that inspires everyone who
steps through its doors.
"The high-quality build and prime location of Telus Garden make
it an appealing choice for top-tier tenants, particularly those in
technology and professional services," said Tom Johnston, Senior Vice President, Asset and
Property Management, Western
Canada of Morguard. "With its highly sought-after,
investment-grade tenant base, the property offers stable and
sustainable income growth for our office portfolio."
Morguard's total office portfolio includes 11.7 million square
feet of leasable area and is valued at $2.6 billion as
of June 30, 2024. The partial acquisition of Telus Garden
demonstrates Morguard's commitment to and confidence in the office
asset class and represents a continued expansion of the company's
national and Vancouver office
portfolios.
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
$17.6 billion. Please visit
www.morguard.com or follow us on LinkedIn and Instagram.
SOURCE Morguard Corporation