An Amazon.com Inc. office building in Vancouver, along with a neighbouring tower, are up for sale by two of Canada’s largest pension funds. Read on.
Oxford Properties, the real estate arm of the pension fund representing Ontario’s municipal workers, and the Canada Pension Plan Investment Board expect to get about $350 million for the buildings at 402 Dunsmuir St. and 401 West Georgia St., according to the people, who asked not to be named because the discussions are private.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Office owners have been grappling with even higher borrowing costs since that sale last year, as well as changing appetite from tenants given the rise in remote work and layoffs. Oxford and CPPIB’s potential sale of the two Vancouver buildings will be the first clue as to what such office towers are worth in the new environment.Article content
The two pension funds are seeking to manage their exposure to Vancouver’s office market and have opted to sell more mature projects given that they are nearing completion on another new office tower with about 51,100 square metres of space, according to two people familiar with the matter. Both buildings that are being put up for sale are fully leased, with the one on Dunsmuir completed in 2020.
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