New Westminster Office Tower Sold for $36.5M
The city has sold the Merchant Square office tower to a company owned in part by two Vancouver tycoons, including well-known philanthropist Joe Segal.
The eight-storey building is under construction at the corner of Columbia and Eighth streets. It sits atop Anvil Centre civic facility.
The tower has fetched $36.5 million for the city, and the price does not include the three levels of parking or the “tenant improvements” needed to lease the space.
The building’s new owner is 777 Columbia, a company jointly owned by Segal’s Kingswood Capital Corporation and CRS Group of Companies. Developer Suki Sekhon runs CRS.
“We’ve been looking at it for a few years. It’s a growing area and we think it’s got great potential,” said Sekhon, who said the building has no tenants confirmed.
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