- What 365 Osborne Street in Winnipeg is in play
- Why The suburban office building has potential for multifamily development
- What next Cushman & Wakefield’s Stevenson Investment Team has the assignment
A suburban office building in Winnipeg is hoping to attract bids of $14m, Green Street News can reveal.
Artis REIT has given the assignment for 365 Osborne Street to Cushman & Wakefield’s Stevenson Investment Team. The valuation for the 76,000 sq ft building is $184/sq ft. Artis acquired the asset from CP Rail in 2001.
The building was purpose-built in 2007 as a call centre for Manitoba Telecom Services, a predecessor of Bell Canada. Bell MTS continues to fully occupy the property with a remaining lease term of over five years. There are 238 parking stalls, a gym and a cafeteria.
On over 4 acres, the office building is less than 500 m from Pembina Highway, Confusion Corner and Osborne Station.
The property is zoned M2 – manufacturing general, permitting a variety of uses including a commercial school, restaurant, office or warehouse. Per marketing materials, there is potential to rezone to RMF-L – residential multifamily and to create 450 purpose-built rental units. RMF-L zoning allows for building heights of up to 150 ft.
The overall office vacancy rate was 13.1% in Winnipeg and 9.6% in its suburbs in Q4 2024, Cushman & Wakefield said in a recent report. The city recorded 261,000 sq ft of positive net absorption for the year.
Artis REIT owns industrial, office and retail properties in Canada and the U.S. Samir Manji is president and chief executive of the Winnipeg-based company.
In February, the REIT sold a neighbourhood shopping centre in Saskatoon to LS Properties for $28.5m. Last summer, it offloaded a portfolio of industrial assets in Arizona and Minnesota for US$197.4m.
