Major Ottawa commercial acquisition valued at $186 million
Earlier this week, Morguard Corporation announced the completion of its joint acquisition of the 552,000-square-foot Jean Edmonds Towers complex in Ottawa’s central business district
The two-tower asset, situated at 300 Slater Street and 365 Laurier Avenue, sold for $186 million before taxes and transaction costs.
“Morguard and its institutional partner will own the complex on a 49.9% - 50.1% basis, respectively, with Morguard providing property management services,” the announcement stated.
The purchase has given the real estate company full operational management of an entire city block in downtown Ottawa.
“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,” Morguard chairman and CEO K. Rai Sahi said. “We’re excited to add this important piece to our downtown Ottawa portfolio as we continue to expand our footprint in this strategic market.”