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 Western Investor's web content and social media coordinator. She first joined the Western Investor team as a editorial assistant in 2016, after a summer spent freelancing at Glacier Media papers The Burnaby Now and New West Record. She is a graduate of Langara College's journalism program.
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