[REAL ESTATE]
GOING WEST Allied Properties REIT holdings expand from Calgary to Edmonton, Vancouver and Victoria This Yaletown building at 840 Cambie Street, near the intersection with Robson Street, was the first Vancouver building in Allied’s portfolio. Tenants here include Microsoft and Ubisoft (the latter holds space in Allied’s Montréal and Québec City portfolios).
VANCOUVER
Built in 1863 and extensively restored and renovated in the 1990s, 8-10 Bastion Square, also known as the MacDonald Block, is set in Victoria’s historic quarter off Wharf Street.
VICTORIA
Last year’s acquisition of the Lougheed building in Calgary and 840 Cambie in Vancouver marked the start of Allied Properties REIT’s decisive move into markets west of Winnipeg. In the spring of this year, Allied president and CEO Michael Emory announced acquisitions in Calgary, Vancouver and Victoria and in the summer press releases signaled closings on six Calgary properties and another two in Edmonton. By the fall, a regional office was set up in Calgary’s Lougheed Business Centre to manage the growth in these markets, with a more permanent office and staff expansion in the works. In owning and managing the properties it has acquired in Calgary, Allied has essentially become a part of a downtown revitalization effort that has come about over the last 20 years and continues today, says Alec McColm, Allied’s Western Director. “Buildings like Art Central and Fashion Central have been a part of the revitalization and we’ll be working with downtown associations and continuing to co-promote events and merchant activities,” he says. Indeed, the trend of people wanting to enjoy downtown places or live close to downtown, is helping to drive a continued interest in businesses wanting to operate in or close to the core. In Victoria, the office and retail tenant mix of 8-10 Bastion Square on the East side of Wharf Street connects to a vibrant historical district that is a part of the city’s fabric. And in Vancouver, the Allied properties in Gastown, Crosstown and Yaletown are not only historic in character, but have made similar transformations from maintained heritage buildings to sought-after brick and beam space. Allied Properties REIT buildings all draw on three key strengths: being close to the core, offering quality architectural and design environments, as well as being essentially less expensive to lease than space in a conventional tower or major mall. By expanding its national portfolio, it can offer national tenants seeking space in western markets the character space they know, under the same capable management they expect. n
Alliedpropertiesreit.com The Revillon Boardwalk Building (10310 - 102nd Avenue and 10230 - 104th Street) was built in the early 1900s and is located at the western edge of the financial core, across the street from another Allied property, the Metals Limited Building.
EDMONTON
9 • FALL 2011