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The College of Physicians and Surgeons of British Columbia has bought almost 60,000 square feet of office space in The Offices at Hotel Georgia in downtown Vancouver.
According to commercial real estate company Avison Young, the deal is the largest ever office space sale to a single user Vancouver has ever seen.
Located at 669 Howe Street, The Offices at Hotel Georgia is part of the Hotel Georgia redevelopment, worth CAD 450 million. The development, which is still under construction, entails a complete restoration of the 1920s era Hotel Georgia with an adjoining 48-storey mixed use tower.
The building is slated to open in late summer 2011.
In total the Offices at Hotel Georgia have 71,500 square feet of office space, while the Private Residences at Hotel Georgia will feature 156 residential units.
“It was a good time to make such an investment as it allows the College to secure space for future expansion,” said Dr. Darlene Hammell, President of the Board of the College of Physicians and Surgeons of BC.
“It has always been the vision of the board to own rather than lease office space, and to purchase when the perfect site comes along. The Finance and Audit Committee considered 24 buildings in Vancouver and Burnaby before making its final decision.”
She added that acquiring commercial real estate in downtown Vancouver “makes financial sense over the long term”.
According to Avison Young, 2010 was a good year for the British Columbia commercial real estate investment market as dollar volume reached CAD 1.946 billion. Total 2010 dollar volume was more than both 2009 and 2008 dollar volumes of CAD 1.36 billion and CAD 1.27 billion, respectively.
