- What The Uniglobe Building in downtown Vancouver is for sale
- Why Reliance Properties is seeking offers of $65m
- What next Vancouver has seen a lack of office trades this year
A Vancouver office building with redevelopment potential is in play hoping to bring in $65m, Green Street News can reveal.
The 71,000 sq ft building at 1199 West Pender Street, known as the Uniglobe Building, has a typical floor size of 7,500 sq ft.
Casey Pollard and Stirling Richmond of CBRE are on the marketing assignment for the nine-storey building, which is owned by Reliance Properties.
Vancouver has not seen a single-property office sale this year, according to Green Street’s Sales Comps Database, though there are four buildings in the city included in a $1.5bn portfolio in which Oxford Properties is buying out CPP Investments’ stake.
In addition, there are also several pending sales campaigns for offices in the city, the largest of which is the March listing of 700 and 750 West Pender Street by Investment Management Corp. of Ontario and Cadillac Fairview. The complex was expected to fetch around $135m.
Despite the lack of trades in 2025, two larger deals closed in 2024: the $115m sale of 114 East 4th Avenue to Spear Street Capital and the $357m purchase of 400 West Georgia Street by Allied Properties REIT.
The sales pitch for the Uniglobe Building notes the redevelopment potential for the 1956-vintage property due to changes in city policy. The changes include the potential for hotel or office developments combined with a residential component.
They also potentially allow for a 37-storey development based on current view cones. Once a hotel or office portion of a development reaches an FSR of nine, additional FSR on the 16,000 sq ft property could be achieved with residential units.
The 85% occupied building, at the corner of Bute Street, also has 60 parking spaces. Current retail tenants include 7-Eleven and Panago Pizza.
On the edge of downtown Vancouver’s commercial district, the Uniglobe Building is surrounded by dining and shopping options and within walking distance of tourist destinations including Coal Harbour and Stanley Park. It is also a short walk to SkyTrain access and the Vancouver Convention Centre.
Reliance Properties is a Vancouver real estate investment and development company with more than 50 years in the local market.
