Crown Realty buys first property in Ottawa

Tuesday, August 13, 2019

Crown Realty Partners (Crown) has acquired a 289,000 square foot office complex in Ottawa’s west end. Known as Carling Executive Park – 1525, 1545 and 1565 Carling Avenue – the property is located on a 4.16-acre site.

“We are pleased to acquire our first asset in Ottawa, in an area that will continue to attract tenants across a wide range of industries,” said Emily Hanna, partner, investments at Crown in the press release. “Our repositioning plans are geared to assist companies in attracting top Ottawa talent and making them feel excited to come to work.”

This acquisition was made on behalf of Crown’s fourth value-add fund, Crown Realty IV Limited Partnership (CR IV LP).

Crown will act as an asset manager and has engaged Glenview Management Ltd., the original developer of the site, to oversee the property management. According to the press release, Crown and Glenview will kick off large-scale capital improvements starting this fall including upgrading common areas, introducing a WorkFit by Crown fitness centre, a new tenant conference centre, and a robust model suite program.

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