The Greystone Real Estate Strategy (Greystone), Canderel and Canstone Realty Advisors have purchased Constitution Square, one of the largest Class AA office complexes in downtown Ottawa.
Greystone will be the majority owner of this LEED Platinum-certified office and retail complex. Canderel will act as both the property and leasing manager and Canstone Realty Advisors will act as asset manager and provide advisory services.
Constitution Square is an eight-minute walk to Parliament Hill and is located at 340-350-360 Albert Street. It was constructed in three phases between 1986 and 2007 and now totals more than one million square feet of net rentable area across three office towers. It occupies an entire 2.47-acre city block bounded by major downtown thoroughfares Albert, Slater, Kent and Lyon Streets.
“Constitution Square represents a strategic opportunity for our institutional clients and we are extremely pleased that this latest acquisition enhances our significant investment position in the Ottawa area,” said Ted Welter, managing director and chief investment officer, Alternative Investments, Greystone Managed Investments Inc. “We believe that Ottawa’s downtown core will benefit from the growth momentum currently underway.”
Canderel was involved in the development and management of the first two phases of the complex, according to Daniel Peritz, senior vice-president of Canderel.
“We look forward to maintaining the high level of customer service that tenants have come to expect, while introducing new initiatives to further enhance their experience of Constitution Square,” he said.
Trevor Blakely, chief executive officer of Canstone Realty Advisors, says Ottawa’s downtown core is poised for growth and Constitution Square will benefit from being one block away from the future Light Rail Transit (LRT) system and redevelopment of LeBreton Flats.