- What Bids of $204/sq ft are being sought for 14 and 20 Colonnade Road
- Why The valuation comes to $11.5m
- What next Cushman & Wakefield has the assignment on behalf of Crown Realty Partners
A pair of Ottawa office buildings have dropped their price after three months on the market.
As Green Street News reported, Crown Realty Partners initially floated 14 and 20 Colonnade Road in September. The properties were being marketed unpriced, but the vendor had been eyeing bids of $200/sq ft to $250/sq ft. The valuation for the buildings, which are a combined 56,000 sq ft, worked out to $14m at the high end.
As of December, the properties are on the block for $204/sq ft, or $11.5m. Cushman & Wakefield has the assignment, and marketing it to owner-occupiers or investors.
The buildings are 100% leased with a weighted average lease term of two years. Thales Canada is the sole tenant at 20 Colonnade Road and is one of three tenants at 14 Colonnade Road. Thales will face renewal at the end of 2025. Per leasing materials, net rent is $14.50/ sq ft, and additional rent is $16.61/sq ft.
Both assets were originally multi-tenant buildings and could be reconfigured as such, broadening the buyer pool to smaller users.
Crown purchased 14 and 20 Colonnade Road from CanFirst Ottawa Properties in April 2020 as part of a $56.4m portfolio deal. Crown has been leasing and selling the 23 office and flex-office buildings acquired in that transaction, including 36-38 Antares Drive. The Colonnade Road properties are the last assets remaining.
Near the intersection of Merivale Road and West Hunt Club Road in Nepean, 14 and 20 Colonnade Drive are 10 km from downtown Ottawa.
The two-storey office properties were built in 1988 and offer parking at a ratio of 3:1,000 sq ft. Ottawa International Airport and Highways 416 and 417 are within 10 km, and OC Transpo routes service the properties.
Crown Realty Partners acquires, leases, manages and redevelops commercial real estate across Canada. Les Miller is chief executive and managing partner of the Toronto-based company.
