- What A 25-storey office tower has hit the market in downtown Calgary
- Why Chevron Canada is looking to offload the vacant tower
- What next The campaign says it could be converted to residential units
A vacant downtown Calgary office tower has hit the market hoping to net $15.7m, Green Street News can reveal.
The building, 500 Fifth at 500 Fifthth Avenue SW, spans nearly 262,000 sq ft. JLL has the marketing assignment on behalf of Chevron Canada.
Built in 1982, the 25-storey tower has fully built-out office floor plans, with floorplate sizes around 12,000 sq ft. The building has a conference centre, a gym and 75 parking spaces.
The campaign pitches the building’s vacant status as an opportunity to bring a new identity to the structure, suggesting it could even be converted into residential units. Marketing materials note that recent incentives from the city have led to an increase in such conversions, some within a block of the property.
The tower is in one of the most bustling parts of downtown Calgary. It is 10 km southwest of Calgary International Airport.
Calgary has consistently had the highest office vacancy rate in Canada in recent years, but it is trending downward. In Q4 2024, the city’s vacancy rate was 21.7%, down from its peak of 26.2% in Q3 2021, Altus Group said in a recent report.
