- What Huntington Properties acquired 135 Rideau Street
- Why The office and retail building traded for $162/sq ft
- What next The property is 100% occupied
A mixed-use office building in downtown Ottawa has traded for $8.5m, Green Street News can reveal.
Huntington Properties purchased 135 Rideau Street from LaSalle Investment Management in a deal that closed in September. JLL and TD Cornerstone Realty represented the seller, while Avison Young acted on behalf of the buyer.
The valuation for the 52,000 sq ft office and retail building is $162/sq ft. It was sold free and clear of financing.
The eight-unit property is 100% occupied by tenants including Keynote Search Ottawa, Holtz Spa, Urban Outfitters and WithYouWithMe. The weighted average remaining lease term is 5.6 years.
The building was completed in 2008 and has 15 underground parking stalls. 135 Rideau Street is in the ByWard Market neighborhood.
It’s adjacent to CF Rideau Centre, Ottawa’s largest mall, and the Rideau LRT station, which is serviced by Ottawa’s OC Transpo and Gatineau’s STO systems.
Downtown Ottawa, Parliament Hill, the National Arts Centre, Major’s Hill Park and the University of Ottawa are within a kilometre of 135 Rideau Street.
Ottawa’s office market has experienced an uptick in activity over the last month, with several assets, including 150 Slater Street, 3000 Solandt Road and 14 and 20 Colonnade Road on the block. September also saw the sale of 1335 Carling Avenue and 2 Gurdwara Road.
Huntington Properties acquires, develops and manages commercial real estate across the national capital region. Alan Whitten is the founding partner of the Ottawa-based company.
Headquartered in Chicago, LaSalle is an independent subsidiary of JLL. As of Q2, the company had US$84.8bn of assets under management. Mark Gabbay is global chief executive.
LaSalle has shed several other office assets in recent months, including 5575 North Service Road for $12.5m and 1100 Burloak Drive and 5420 North Service Road for $30.2m.
