A 16-storey office building at 1185 West Georgia Street in downtown Vancouver has sold for $74,000,000.
Sale Price: $74,000,000
Price per SF: $446
Cap Rate: Low 4%
Building Size: 165,855 SF
Lot Size: 17,424 SF
Built in 1984 on the northeast corner of West Georgia and Bute Streets, the tower includes 157 underground parking stalls and was multi-tenanted at the time of sale, with occupants including Crowe, Hub, PGL Environmental Consultants, and Allen McMillan. The property was approximately 40% vacant at time of sale.
The vendor, Toronto-based Allied Properties REIT. Allied has been actively selling assets over the past year in an effort to re-fortify its balance sheet, and the building was listed earlier this year. The buyer was Holborn group who owns the neighbouring Paradox Hotel.
At $446/SF, the sale prices well below the $814/SF Allied paid in 2022 — a roughly 45% decline over four years that reflects the broader repricing downtown Vancouver’s office sector has undergone amid elevated vacancy and Allied’s own well-documented balance sheet pressures, which included a billion-dollar writedown on property values and an accompanying billion-dollar net loss reported in its most recent quarter. Notably, BC Assessment valued the property at $60.1 million as of July 1, 2025, down from a prior assessed value of $81.3 million — putting the $74 million sale price almost exactly between the two.
The deal was brokered by Marcus & Millichap and RBC Capital Markets Real Estate Group.
