- What Manulife Investment Management has floated 150 Slater Street
- Why The valuation for the Class-AA office property is $300/sq ft
- What next CBRE’S national investment team is marketing the property
A Class-AA office tower in downtown Ottawa is on the block for $143.2m, Green Street News can reveal.
Manulife Investment Management has given the assignment for 150 Slater Street to CBRE’S national investment team.
The valuation for the 477,000 sq ft building is $300/sq ft. It’s being offered free and clear of financing.
The property was built in 2011 by Broccolini to serve as Export Development Canada’s head office. It’s 100% occupied, with EDC leasing 98% of the space under an agreement with 6.8 years remaining. Toro Eats & Treats and Laurier Computers lease the ground-floor retail space.
According to marketing materials, the crown corporation pays below-market rent, meaning a buyer could achieve upside upon rollover. Options for renewal are five-year terms at market rents.
Amenities at 150 Slater Street include 215 underground parking stalls and a fitness facility. It’s LEED gold certified.
At the corner of O’Connor and Slater Streets, the tower is in Ottawa’s central business district, close to Parliament Hill, the National Arts Centre and Ottawa City Hall.
Several OC Transpo bus routes service the site, and the Parliament LRT station is nearby. The Québec border is less than a kilometre from the property, and Ottawa International Airport is within 11 km.
According to CBRE, the office vacancy rate in Ottawa’s central business district was 12.1% in Q2, and 10.2% among Class-A assets. No office space is under construction in the node, and fewer than three properties comparable to 150 Slater Street have been completed downtown since 2011.
The overall office vacancy rate in downtown Ottawa was 14.0%, the second lowest amongst major Canadian cities.
