- What Conestoga College has floated 100 Herzberg Road
- Why The valuation for the 107,000 sq ft suburban property is $149/sq ft
- What next CBRE is marketing the property
A vacant office building in Ottawa is being shopped for $15.9m.
CBRE has the assignment for 100 Herzberg Road in the Kanata district on behalf of Conestoga College. The valuation for the 107,000 sq ft suburban property is $149/sq ft.
The building was assessed at $7.4m in 2016. It last traded in September 2023, when Gilmore Global offloaded the Class-B property for $19.8m. Marketing materials highlight the opportunity for redevelopment or a value-added play.
100 Herzberg Road was completed in 1982 and underwent a full retrofit around 2005 when Hewlett-Packard, a previous tenant, converted the building into a single-tenant space.
The building has one elevator, three truck-level doors and 303 surface parking stalls. There are two raised-floor dormer data centres and two backup generators.
Zoning permits such uses as a medical facility, a warehouse or a research-and-development centre.
The three-storey building is on nearly 9 acres at the intersection of Herzberg and March Roads. It’s within 2 km of Highway 417 and the Eagleson and Teron OC Transpo stations. Downtown Ottawa and Ottawa International Airport are within 20 km.
Several golf clubs and hotels, including Marshes Golf Club and Brookstreet Hotel, are within 2.5 km.
100 Herzberg Road is on the cusp of the Kanata North Technology Park. Known as Silicon Valley North, more than 540 technology and innovation companies have offices in the area, including Nokia, Huawei and Dell Technologies. Collectively, they contribute $13bn to Canada’s GDP annually.
The office vacancy rate in Kanata was 12.4% in Q3, according to Colliers, and 15.2% amongst Class-B assets. The weighted average asking gross rent was $27.91/sq ft. Also on the block in the submarket is 3000 Solandt Road, which Fiera Real Estate is looking to offload for $8m.
