- What A five-storey office building in Calgary is on the block
- Why The asset is leased at below-market rates
- What next The property offers potential for redevelopment
A class-B boutique office building in southeast Calgary is on the block for just under $9m, Green Street News can reveal.
The valuation for the 49,000 sq ft Notre Dame Place works out to $183/sq ft. The property is 78% leased, with a weighted average lease term of 4 years. JLL has the marketing assignment.
The five-storey building, at 255 17 Avenue SW, is in a high-demand area home to restaurants, stores and entertainment venues. The campaign notes that the property, built in 1980, provides a choice location for redevelopment. There are several new high-density mixed-use buildings nearby, and the neighbourhood is rapidly becoming denser.
In-place rents are just under $14/sq ft, below the market rate in the area of around $15.40/sq ft and the asset offers a choice location for redevelopment, the campaign says.
The building has rooftop patios and ample underground parking. Notre Dame Place is on the edge of downtown Calgary near the BMO Centre and public transportation.
