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.

Read more: http://www.newwestnewsleader.com/news/248291681.html

A 69,000 SF office building located at 618 6th Avenue in the Uptown area of New Westminster has sold for $32,471,500, or $471 per SF. The 6-storey office building is anchored by RBC and was acquired off-market by Value Group.

A prime piece of Cloverdale real estate that’s sat vacant nearly 15 years won’t be a patch of dirt much longer.

Construction on the Cloverdale Gateway project is expected to start by late February or early March, according to the building’s architect, after Surrey city council approved a final re-zoning application last month.

A two-storey office and retail building at the entrance of the historic downtown core would replace the empty lot that was once home to a gas station.

Burnaby’s PJ Lovick Architects firm spearheaded the design featuring brick columns, long wood beams and tall glass windows.

“It will be a great gateway piece,” said architect Andrea Scott, adding construction on the corner of Highway 10 and 176 Street should be finished by the year’s end.

Read more: http://www.cloverdalereporter.com/news/244016691.html