One of Vancouver’s largest and most prominent office towers has been sold by its owner for $285 million.
In a press release, Toronto-based Brookfield Canada Office Properties says it completed the sale of its 100% stake in downtown Vancouver’s Royal Centre office tower, located at 1055 West Georgia Street.
The 1973-built building has a floor area of 589,000 square feet spanning 37 floors, plus two underground floors of retail space. Royal Bank’s satellite office, the B.C. headquaters, is the main tenant of the building.
A portion of the tower’s site is developable: The three-storey podium at the northwest corner of Burrard and West Georgia streets could potentially be redeveloped into a sizeable office tower.
The new owner of Royal Centre was not disclosed by Brookfield, but there were reports earlier this year that German billionaire Klaus-Michael Kuehne had been interested in acquiring the property.
This follows another major deal finalized last month that saw the adjacent four original Bentall Towers change hands to Beijing-based Anbang Insurance Group Co. Ltd. Majority owner Quebec-based Ivanhoe Cambridge reportedly sold its majority share of the office complex for over $1 billion.
The low loonie has spurred foreign interest in Canadian real estate.