Industrial Alliance Financial Group (IAFG) has listed its Vancouver headquarters office at 2145-2165 West Broadway on the market.
The property, located about 100 metres from the entrance of the Millennium Line Broadway Extension’s Arbutus Station, spans more than half a city block – a site of about 34,500 sq. ft.
It is currently occupied by the company’s office complex, which entail two- and three-storey Class B office buildings totalling 63,300 sq. ft. of office space and 117 underground vehicle parking stalls. The remaining easternmost portion of the city block is a Shell gas station.
According to the latest assessed value by BC Assessment, the property has an assessed value of about $58 million.
However, its market value is likely far higher given the site’s adjacency to both the future Broadway Extension and Arbutus Greenway streetcar, as well as the future rezoning and redevelopment potential guided by the City of Vancouver’s Broadway Plan, which is anticipated to be released in 2020.
“The existing office building has potential to provide attractive yields prior to the rezoning and development process given Vancouver’s strong office leasing dynamics,” reads a listing brochure by Colliers International.
IAFG is relocating its local office to BlueSky Properties’ new office building at 988 West Broadway – the southeast corner of the intersection of West Broadway and Oak Street, the location of another Broadway Extension station. The office building will reach full completion this fall.