The commercial portion of Edmonton’s tallest building – Stantec Tower – has been sold to the German company, Deka Immobilien. Facilitated by CBRE, the sale marks the largest office building transaction in Edmonton’s history in terms of dollar value.
Developed through a joint venture between Katz Group and ONE Properties, the 69-storey mixed-use tower is the tallest commercial building in Canada outside of Toronto. Tenants include Stantec, PwC Canada and Dentons.
The SKY Residences, occupying floors 30 to 66 above Stantec Tower, are not included in the sale.
Deka Immobilien is the specialist for real estate investments within Deka Group, and one of Germany’s largest globally active real estate fund companies. The German investor is the first to make a commercial property acquisition of this scale in Edmonton.
“World-class cities need world-class developers with vision to attract world-class investors,” said David Young, managing director for CBRE Edmonton in the group’s press release.
“Deka Immobilien’s purchase of Stantec Tower speaks to this international firm’s confidence in the importance of ICE District and the positive impact it will have on the rest of this city’s downtown core moving forward.”
ICE District Properties has begun the development process for Phase II of the project which includes approximately 4,500 residential units, more than 300,000 square feet of retail/commercial space, and more than 750,000 sq. ft. of office space. At completion, there will be a total of 4.5 million sq. ft. spread across 12 towers.
Image courtesy of CBRE.