- What Gad Bitton is offloading the iconic Édifice Aldred
- Why The property has potential for residential conversion
- What next CBRE has the marketing assignment
A designated heritage Class-B office building in the heart of Old Montréal is on the block for $55m, Green Street News can reveal.
The 159,000 sq ft Édifice Aldred is 70% leased to a variety of tenants on short-term leases. The valuation works out to approximately $345/sq ft. CBRE has the marketing assignment on behalf of the seller, Gad Bitton, who purchased the property in 2014.
The 23-storey Art Deco building, reminiscent of New York City’s Empire State Building, was completed in 1931. It’s at 507 Place D’Armes in front of the Notre-Dame Basilica and near the Montreal Courthouse.
Managed by Axwood, the building has 2,500 sq ft of restaurant space on the ground floor. The 22nd and 23rd floors have 2,000 sq ft of penthouse suites with views of the city, the port and the Expo 67 structure on Île Sainte-Hélène.
Bitton is the president and chief executive of Holand Automotive Group. He owns multiple office properties throughout Montréal, with a concentration near the intersection of Boulevard Décarie and Highway 40.
Marketing materials tout the potential to create value at the property through creative leasing strategies or residential conversion.
