Morguard Corporation announced that it has jointly purchased the Jean Edmonds Towers (JET) located at 300 Slater Street and 365 Laurier Avenue in downtown Ottawa. The 552,000 square foot two-tower complex was acquired for $186 million before taxes and transaction costs.
The real estate company and its institutional partner will own the complex on a 49.9 per cent – 50.1 per cent basis, respectively, with Morguard providing property management services. The twenty-storey towers are linked by a ground level retail atrium and are leased primarily to Public Services and Procurement Canada (“PSPC”), which occupies over 98 per cent of the gross leasable area.
The joint venture completes Morguard’s operational management of a full city block in Ottawa’s central business district.
“With Morguard now managing operations at all the commercial properties on the block, there are future consolidated redevelopment opportunities that will create value for all the assets over the long term,” said K. Rai Sahi, Chairman and CEO of Morguard. “We’re excited to add this important piece to our downtown Ottawa portfolio as we continue to expand our footprint in this strategic market.”
With the recent acquisitions of JET and 41 Rue Victoria in nearby Gatineau, Que., Morguard’s substantially owned and managed commercial real estate portfolio in the Ottawa region now stands at over 5.0 million square feet. The company also owns and/or manages 2,800 residential suites in the region.