commercial buildings

Allied acquires two Vancouver Class I properties

Tuesday, November 20, 2018

Allied Properties Real Estate Investment Trust has acquired 1220 Homer Street and entered into an agreement to acquire 151 West Hastings Street for $57.5 million.

“These are strategic acquisitions for Allied, in that we’re increasing our penetration in urban Vancouver just as it’s transitioning to a primary Canadian office market,” said Michael Emory, president and CEO. “1220 Homer augments our concentration of Class I properties in Yaletown. 151 West Hastings will be our first acquisition in Gastown, the Vancouver neighbourhood most like King & Spadina in Toronto, both in its proximity to the Downtown Core and its concentrated heritage scale and texture.”

Located on the east side of Homer, one building in from Davie Street, 1220 Homer is a tier-one Class I building. It is comprised of 21,708 square feet of GLA and is fully leased to Perkins + Will Canada Architects for a term expiring in March of 2023. The workspace was designed by the current user and achieved LEED Existing Buildings: Operations and Maintenance 2009 Platinum Certification in September of 2014.

Located on the north side of West Hastings, one building in from Cambie Street, 151 West Hastings is a tier-one Class I building. While the façade of the building has been impeccably preserved, the interior of the building was completely rebuilt to current workspace standards. It is comprised of 38,511 square feet of GLA and is fully leased to Spaces for a term expiring in July of 2033 with four rent escalations over the term.

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