Starlight and AIMCo Purchase Office Tower in Downtown Vancouver | RENX
The 156,000 square foot tower is fully leased to a federal government department, with 7.2 years remaining on the lease.
Financial details were not disclosed.
“We are delighted to add this premier downtown property to our portfolio,” said Leslie Veiner, CEO of Starlight, Canadian Commercial, in the announcement Tuesday. “This strategic transaction further strengthens and diversifies our portfolio, while strengthening our presence in the growing British Columbia market.
The vendor was the Hydro Quebec pension plan.
Around 1138 Melville
The building is located in the main business district of downtown Vancouver. The glass front allows sufficient natural light inside.
The property also has 180 parking spaces on four underground parking levels.
“This acquisition represents an excellent opportunity for AIMCo clients to acquire a class A transit-focused building in Vancouver’s central business district, one of the strongest real estate markets in North America.” , said Tony Vadacchino, vice president, real estate at AIMCo, in the announcement.
The 1138 Melville is BOMA BEST Silver certified and has received the Federal Government’s Energy Efficiency Design Award. It was also nominated for an Urban Development Institute Award in 2001.
Surrounding the property are a series of parks and neighborhoods including Stanley Park, the West End, Coal Harbor, Yaletown and Gastown.
Major downtown thoroughfares include: Burrard Street, Hastings Street West, and Georgia Street West.
The property also benefits from a North Rim entry point from Lions Gate Bridge via the Stanley Park Causeway, and is within walking distance of the Sky Train, Sea Bus and other public transportation.
There have been a few other major office transactions in Vancouver so far in 2021, including 888 Dunsmuir and 625 Howe streets. Manulife sold its portion of the 255,000 square foot properties to Sunnyland Group for an undisclosed price, according to data from the Cushman & Wakefield office in the second quarter of Vancouver.
The 75,000 square foot 815 Hornby Street was sold by Golden Crown Land And Investment (Van.) Canada Inc. to Reliance Properties Ltd. for $ 93 million, also according to the C&W report.
As the industry slowly begins to recover from the effects of the pandemic, a disruption is looming with approximately 3.5 million square feet of office products under construction downtown and ready for delivery over the next two years.
About Starlight and AIMCo
Starlight Investments is a private, multi-family and commercial real estate investment and management company based in Toronto. It manages over $ 20 billion in direct real estate as well as real estate investment securities.
Investment vehicles include institutional joint ventures, True North Commercial REIT, Starlight US Multi-Family Funds, Northview Canadian High Yield Fund and Starlight Capital Funds.
The Starlight Investments portfolio consists of approximately 70,000 multi-residential units in Canada and the United States and over eight million square feet of commercial properties.
AIMCo is one of Canada’s largest and most diversified institutional investment managers with over $ 120 billion in assets under management. AIMCo invests globally on behalf of 32 pension, endowment and government funds in the province of Alberta.
EDITOR’S NOTE: This article has been updated after publication to remove incorrect vendor information. RENX apologizes for the error. Additional information on Vancouver office sales in 2021 has also been added.