SNC-Lavalin has sold its Montreal head office building and the adjacent empty lot of land for approximately $170 million to GWL Realty Advisors.
SNC-Lavalin will lease back the René-Lévesque Boulevard West building for 20 years, and is planning a major workplace renovation to outfit the office with modern designs according to best practices in efficiency, flexibility, innovation and teamwork. Consultation and planning for this project have already started.
“This sale brings several benefits, notably the opportunity to create a work environment that enhances collaboration for our Montreal-based employees, most of whom will be brought together in one main location,” said Neil Bruce, president and chief executive officer.
By undertaking significant renovations to modernize the current workspace, the company said it will also strengthen its main objective “to build a performance-driven culture that inspires employees to be more collaborative and enhances overall efficiency and productivity.”
“SNC-Lavalin is here to stay. Our long-term lease demonstrates our commitment to Montreal and to Quebec,” added Bruce. “We have been an integral part of Montreal’s fabric for over a century, and will continue our growth from our downtown Montreal headquarters for years to come.”