True North Commercial Real Estate Investment Trust (the REIT) has announced it has closed the acquisition of an 11-storey 107,066 square foot office – the Ottawa Property – for $24.5 million.
It is located at 360 Laurier Avenue West in Ottawa and is adjacent to 340 Laurier Avenue West which is also currently owned by the REIT.
“This acquisition will help solidify our footprint in Ottawa’s central business district and allow us to capitalize on operating synergies and efficiencies,” said Daniel Drimmer, the REIT’s President and Chief Executive Officer in a press release.
“As we continue to strengthen our position as a pure-play office REIT, we are pleased to redeploy the proceeds from the recent sale of our two industrial properties into an office property in Ottawa occupied by one of the highest quality tenant covenants available in the Canadian marketplace.”
The Ottawa Property is certified as BOMA BEST Silver and is expected to receive LEED EB Gold certification in early 2019. With a remaining lease term of 3.5 years, the building is 100 per cent occupied with the Federal Government of Canada occupying 95 per cent of the building’s gross rentable area.