The College of Physicians and Surgeons of British Columbia has bought seven floors of space in a new Vancouver office tower in what is believed to be the largest office sale to a single user in the city’s history.

The group bought the space in the Offices at Hotel Georgia, part of a $450-million redevelopment of the 84-year-old Hotel Georgia that includes another two floors of as-yet unsold office space as well as 156 condo units.

The deal was worth just under $30-million.

Delta Land Development Ltd. is building the project, and Avison Young brokered the deal. The College plans to move its 90 employees into the space by the end of the year.

“It has always been the vision of the board to own rather than lease office space,” the College said in a statement. “The finance and audit committee considered 24 buildings in Vancouver and Burnaby before making its final decision.”

The strata space – where ownership is comparable to a condo – was bought to avoid future rent increases in a pricey market. It also means the organization won’t have to pay HST on leasing costs.

Source: Globe and Mail

Concert Properties Ltd. is close to closing a deal with TransLink for a three-acre site on Quebec Street at East 1st Avenue in Vancouver.

Adjacent to the Olympic Village on False Creek, the site was released to the market last year as part of the sale of several surplus properties TransLink is selling to garner funds for a revolving land account that the transit authority will use to acquire properties for development.

Concert was unable to say more regarding the pending acquisition. The deal would give it a prime piece of property in an area where Wall Financial Corp., Pinnacle International and Onni, among other developers, are active.

The deal, and one for three acres adjacent to Brighouse Station in Richmond, will likely close by year’s end, said Phil Christie, vice-president, real estate, for TransLink. A site released at King Edward Station in Vancouver is also on the market, but Christie said bids are under review and no offers have gone firm.

Christie said that proceeds from the sales will fund the development of a 300-bus transit centre located on Tree Island in Richmond, a site TransLink acquired last year for more than $20 million.

The deal on Quebec Street will also enable TransLink to acquire a site in Vancouver for its new small-fleet centre, part of which operates at the old Oakridge bus barns.

“We’ve got a great deal on that, and that frees up a lot of money to pay for the new facility,” Christie said of the pending Quebec Street transaction.

Relocation of its community shuttle fleet and other small vehicles at a new location will in turn allow TransLink to sell the old Oakridge site.

Source: Business in Vancouver
www.biv.com