Finance
Net Leasing
Jul 07, 2009
By: Adam Perrotta, News Writer
In the midst of the sluggish investment market, where most real assets that are selling are on the smaller end of the spectrum, a major office property in Vancouver has been acquired by Kingswood Capital Corp. The 21-story, 204,000-square-foot Grosvenor Building, located in the city’s Downtown, was sold by property investor and developer Grosvenor Americas, which will continue to make its home at the tower under a leaseback agreement.
The Class A office property was originally developed by Grosvenor in 1985. In addition to its namesake tenant, the tower is home to a tenant roster that includes law firms Frasier Miller Casgrain, Edwards Kenny & Bray, as well as Hunter Voith Law Corp., which together occupy 40 percent of the building’s leasable space.
For Grosvenor, the proceeds from the sale—the exact figures of which were not disclosed—will be funneled into real estate investments. And in today’s current market, buyers with money to spend are reaping the benefits of pricing levels that have dropped sharply from just a couple of years ago. By cashing in on the property via the sale, Grosvenor is likely putting itself in position to make some aggressive plays in what is shaping up to be one of the most opportune buyer’s markets in some time.
Kevin Meikle of Cushman & Wakefield LePage Inc. represented Grosvenor in the deal with Kingswood, a Vancouver-based firm active in real estate, financing and manufacturing.
The building has floor plates ranging from 10,000 to 10,700 square feet, and includes a 230-space underground parking garage.
Vancouver, despite being relatively more supply-constrained than many other major markets, has been by no means immune from the global industry and economic malaise. First quarter 2009 saw continued absorption declines, with absorption actually dipping into the negative realm for the first time since 2001, according to a report by real estate services firm Colliers International.
On the bright side though, Downtown vacancy ticked down to just 2.1 percent, as compared to 3.5 percent in the final quarter of 2008. Moving forward, the Vancouver’s office owners are likely to continue to benefit from a market that has seen very little new construction, and currently has no projects on tap in its Downtown core.
Additionally, the upcoming 2010 Winter Olympic Games are expected to give the city an additional economic boost.
By: Adam Perrotta, News Writer
In the midst of the sluggish investment market, where most real assets that are selling are on the smaller end of the spectrum, a major office property in Vancouver has been acquired by Kingswood Capital Corp. The 21-story, 204,000-square-foot Grosvenor Building, located in the city’s Downtown, was sold by property investor and developer Grosvenor Americas, which will continue to make its home at the tower under a leaseback agreement.
The Class A office property was originally developed by Grosvenor in 1985. In addition to its namesake tenant, the tower is home to a tenant roster that includes law firms Frasier Miller Casgrain, Edwards Kenny & Bray, as well as Hunter Voith Law Corp., which together occupy 40 percent of the building’s leasable space.
For Grosvenor, the proceeds from the sale—the exact figures of which were not disclosed—will be funneled into real estate investments. And in today’s current market, buyers with money to spend are reaping the benefits of pricing levels that have dropped sharply from just a couple of years ago. By cashing in on the property via the sale, Grosvenor is likely putting itself in position to make some aggressive plays in what is shaping up to be one of the most opportune buyer’s markets in some time.
Kevin Meikle of Cushman & Wakefield LePage Inc. represented Grosvenor in the deal with Kingswood, a Vancouver-based firm active in real estate, financing and manufacturing.
The building has floor plates ranging from 10,000 to 10,700 square feet, and includes a 230-space underground parking garage.
Vancouver, despite being relatively more supply-constrained than many other major markets, has been by no means immune from the global industry and economic malaise. First quarter 2009 saw continued absorption declines, with absorption actually dipping into the negative realm for the first time since 2001, according to a report by real estate services firm Colliers International.
On the bright side though, Downtown vacancy ticked down to just 2.1 percent, as compared to 3.5 percent in the final quarter of 2008. Moving forward, the Vancouver’s office owners are likely to continue to benefit from a market that has seen very little new construction, and currently has no projects on tap in its Downtown core.
Additionally, the upcoming 2010 Winter Olympic Games are expected to give the city an additional economic boost.
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