- What Definity Financial put 590 Riverbend Drive on the market earlier this year
- Why The property includes an office building and a garage
- What next Cushman & Wakefield has the assignment
Definity Financial Corp. is looking for bids of around $25m for its office property in the Waterloo Region, Green Street News can reveal.
The 105,000 sq ft asset at 590 Riverbend Drive in Kitchener, Ont., comprises a five-storey office building with a six-storey garage. The property was listed earlier this year unpriced, but guidance is in the mid-$20m area. At the estimated valuation, the price works out to $239/sq ft. Cushman & Wakefield has the marketing assignment.
The office space was built for Economical Insurance, a subsidiary of Definity, and completed in 2000. The garage was built in 2014. Capital improvements since 2017 have included renovations to the cafeteria and washrooms and the replacement of the roof and HVAC.
Amenities include a gym, a locker room with showers, bike storage and a balcony with views of the Grand River. There are 537 garage, surface and indoor parking spaces.
The 3.4 acre property is 2.5 km from the Kitchener GO station and within 5 km of Highways 7, 8 and 85. It’s 8 km from the Region of Waterloo International Airport and 12 km from Highway 401.
Definity is the parent company of several Canadian insurance companies, including Economical Insurance and Sonnet Insurance. Rowan Saunders is president and chief executive of the Waterloo-based company.
