- What Enright Capital purchased a 26-storey office building in downtown Calgary
- Why Cadillac Fairview sold the 271,000 sq ft property at 635 Eighth Avenue SW
- What Next Enright Capital plans to upgrade the property
Cadillac Fairview has sold a 26-storey office building in Calgary to Enright Capital for $16.9m, Storeys reported.
The valuation for the 271,000 sq ft Class-B property, at 635 Eighth Avenue SW, works out to $62/sq ft.
Enright principal Patrick McFetridge said in a LinkedIn post that upgrades at the property will include a new gym, a conference center and a tenant lounge.
The Calgary-based firm owns 1.3m sq ft of industrial, office and retail properties. In September, it bought an office building at 435 Fourth Avenue SW in the city’s downtown from Slate Asset Management for $7.2m.
RENX reported in February that Cadillac Fairview, wholly owned by the Ontario Teachers’ Pension Plan, planned to sell 635 Eighth Avenue SW as well as the 29-story Encor Place office tower at 645 Seventh Avenue SW. UnitiiPM bought the latter in May for $21.5m, according to Storeys.
