The law firm of Miller Thomson LLP is the first client to lease office space in the redeveloped Pacific Centre property in downtown Vancouver, according to Cadillac Fairview Corporation.
The law firm has taken 48,000 square feet of Class AAA space in the former Eatons/Sears building at 725 Granville Street. It will be above Nordstrom’s future Canadian flagship store.
Cadillac Fairview would not provide details of the lease rate, but noted that it is part of 280,000 square feet of offices that cover four floors.
Each floor has 17-foot ceilings and offers 70,000 square foot floor plates, a unique feature in the downtown core. The space has interior access to SkyTrain and Canada Line, six office towers, the Four Seasons Hotel and the Pacific Centre shopping mall.
Considered prime office property, industry estimates are that net lease rates are in the $38 to $45 per-square-foot range.
Nordstrom will occupy 230,000 square feet of retail space on three floors, including the street level. A new 48,000 square foot multi-tenant retail space will also be built on the lower mall level.
Construction is well underway on the site. The office space is expected to open in early 2015. New retail stores on the lower level are expected to open in mid-2015. Nordstrom is expected to open in late 2015.
