Ivanhoe Cambridge speculates on Burnaby highrise beating downtown developers to the punch

BY PETER MITHAM/FRANK O'BRIEN

After a five-year hiatus the rush is back on to complete the first major office tower in Metro Vancouver - and the edge is apparently held by Ivanhoe Cambridge.

Last month, the Toronto-based development firm announced that its Metrotower III will be the first Class AAA office tower in Metro to be completed since 2007.

The $170 million building's completion is scheduled for April 2014. "We have a one-year lead on the downtown projects," said Gordon Wylie, development manager for Ivanhoe Cambridge.

Wylie is referring to triple-A towers by Oxford Properties, Bentall Kennedy and Telus, all of which are expected to complete by 2015 in the downtown core.

Wylie said Metrotower III, which was started and then stopped at the parking-level stage as the recession hit in 2008, is well placed to draw tenants, even from the downtown.

"There is a lot of lease rollovers coming up in the period before 2014 so we think we are well positioned," Wylie said. The tower is being built on spec, and Wylie said there has been interest for space that will come to market with pre-leases around $35 per square foot.

Metrotower III is being built to LEED platinum standards, which will help it attract high-end tenants, agrees Bill Elliott, a principal with Avison Young, Vancouver.