Two Class A office buildings in downtown Vancouver have been acquired by a Toronto-based real estate manager and developer for $57.5 million.
Allied Properties Real Estate Investment Trust has entered into an agreement to purchase 151 West Hastings in Gastown and 1220 Homer Street in Yaletown.
The West Hastings property includes 38,511 square feet of gross leasable area, currently leased to co-work company Spaces until 2033. The Homer Street property is comprised of 21,708 square feet, fully leased to Perkins + Will Canada Architects until 2023.
“We’re increasing our penetration in urban Vancouver just as [Allied] is transitioning to a primary Canadian office market,” said Michael Emory, president and CEO for Allied Real Estate.
Yaletown sale has already closed, while the Gastown sale is expected to close on November 30.
Tanya is a recent graduate of Langara College's journalism program and spent a summer freelancing for The Burnaby NOW and The Record, following a reporting internship with the publications. She joins Western Investor as an editorial assistant. Very much a millennial, she sees the irony in writing about real estate she will likely never be able to afford.
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