- What River Centre is on the block
- Why The Saskatoon office building is 97.5% occupied
- What next CBRE has the assignment
An office building in Saskatoon is being shopped for $30.5m, Green Street News can reveal.
A group of private investors has given the assignment for River Centre, at 475 2nd Avenue South, to CBRE. The property is being marketed unpriced with no bid date, but at the guiding valuation a buyer would achieve a stabilized first-year capitalization rate of approximately 8%. Competitive financing is in place through 2030.
River Centre is managed by TD Asset Management. It’s 97.5% occupied by tenants including BMO Nesbitt Burns, Business Development Bank of Canada and KPMG. NexGen Energy and ATB Financial also lease space in the building. The weighted average lease term is 3.1 years, and the weighted average net rent is $31.98/sq ft.
The 78,000 sq ft property includes 10,000 sq ft of main-floor retail space, occupied in part by State & Main. The building was completed in 2012 and is LEED gold certified.
River Centre has two elevators, bike storage and a fitness facility with showers and lockers. There are 240 surface and underground parking spaces and a main-floor loading dock.
The office building is at the corner of 19th Street East and 2nd Avenue South in the River Landing District. It’s adjacent to Alt Hotel Saskatoon, Remai Modern and Persephone Theatre, and within 300 m of the South Saskatchewan River and Midtown shopping mall. Saskatoon Transit services the site.
According to Colliers, the office vacancy rate in downtown Saskatoon was 16.4% in Q4 2024, down from 18.3% in the previous quarter. Weighted average asking rents were $18.43/sq ft net and $32.70/sq ft gross.
