Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
  • About
  • Listings & Sales
  • Metro Vancouver Commercial Real Estate Market Data
  • Subscribe
Development, Office, Retail

1166 West Pender Office Tower to Include 355,000 SF of Office Space

Reliance Properties has submitted their formal application to rezone 1166 West Pender Street, currently a 15-storey office building located on an 18,630 SF site. Reliance acquired the site through an off-market sale by our team in 2016 for $71,400,000 shortly after which the building’s sole tenant, Canada Revenue Agency, vacated the building. The building has subsequently been leased by another federal government tenant on a shorter term basis.

The plan to redevelop the property envisions as 31-storey office building, to the maximum height allowable when factoring building shadowing performance into account.

The rezoning proposal includes:

  • 355,000 SF of office space;
  • Average floorplates of 12,181 SF;
  • 3,500 SF of retail space;
  • a total density of 18.73 FSR;
  • a building height of 387.5 ft.;
  • six levels of underground parking with 199 vehicle parking stalls and 198 Class A bicycle parking spaces.

The application describes the architectural building character as follows: “1166 West Pender will house 31 floors of office space, blending high design, ecological responsibility, and civic enhancement. The building brings strategic densification to the area, adding 354,978 sf of office space and commercial amenities to a constrained site in the downtown Coal Harbour neighbourhood. Replacing an existing 15-storey office tower, the sinuous 31-storey tower will introduce a strong architectural presence and enhance the public realm. The shape and form of the tower are directly informed by the surrounding buildings and the limitations of the site. Convex and concave exterior walls respond to the contours of the adjacent buildings to form an undulating body wrapped in ceramic-fritted curtain wall glazing. A curved white glass curtain wall affords unobstructed views and establishes a distinct character and impressive presence. The ceramic frit also reduces thermal transmission, lowering heating and cooling costs and improving the building’s sustainability.”

This application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder and the Higher Buildings Policy.

The architect team for the project is Hariri Pontarini Architects with IBI Group.

November 8, 2018by david.taylor@colliers.com

Search the Site

Categories

  • Apartment
  • Condo
  • Development
  • For Sale
  • Hotel
  • Investment
  • Land
  • Market Research
  • Office
  • Rental
  • Retail
  • SOLD


David Taylor Personal Real Estate Corporation

Colliers International

DT

David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

© 2019 Copyright  |  All Rights Reserved