- What Enright Capital Partners has purchased 435 4th Avenue SW
- Why The valuation works out to $81/sq ft
- What next Avison Young had the assignment
Slate Asset Management has offloaded an office building in Calgary’s financial core for $7.2m, Green Street News can reveal.
Enright Capital Partners purchased 435 4th Avenue SW in a deal brokered by Avison Young. The valuation for the nearly 89,000 sq ft property works out to $81/sq ft.
Slate acquired the property, known as Fourth & Fourth, from Dream Office REIT in 2017. The purchase price was not available, but it traded as part of a 12-building portfolio for which Dream’s gross proceeds were approximately $200m.
The seven-storey building was completed in 1978. It offers direct access to the Plus 15 network and parking is available at a ratio of 1:1,055/sq ft. On-site amenities include the Printing House, Peppino and Koto Sushi. Core Shopping Centre, Eau Claire Park and the Calgary Tower are nearby.
At the corner of 4th Avenue SW and 4th Street SW in downtown Calgary, it’s within 1 km of Macleod Trail, Bow Trial and several LRT stations.
Downtown Calgary has had the highest office vacancy rate in Canada for several years, with the figure rising steadily since the oil and gas crash in 2014. As of Q2, the office vacancy rate in the city’s core stood at 26.0%, according to Avison Young.
Some vacant office space has been slated for residential conversion through the Downtown Calgary Development Incentive Program, which aims to remove 6m sq ft by 2031.
Slate Asset Management is a global real estate investment and asset management firm. Helmed by founding partners Blair and Brady Welch, it has $13bn in assets under management across North America and Europe.
The Toronto-based company is the external manager of Slate Office REIT, which has been in the process of selling assets, including the Gateway Centre and the Woodbine & Steeles Corporate Centre, as it works to pay down $1.14bn of debt.
Enright Capital co-invests in and develops real estate in Alberta and Phoenix, Ariz. David Forbes and Patrick McFetridge co-founded the Calgary-based company.
