NAIOP Commercial Real Estate Awards - 2020 by GLACIER MEDIA DIGITAL LIMITED PARTNERSHIP dba BUSINESS IN VANCOUVER

2020

COMMERCIAL REAL ESTATE

AWARDS AWARD CATEGORIES

DEVELOPING LEADER........................................................ B2 OFFICE LEASE.................................................................................... B3 INDUSTRIAL LEASE................................................................ B4 RETAIL LEASE..................................................................................... B4 OFFICE DEVELOPMENT.................................................. B4 MIXED-USE DEVELOPMENT................................. B5 INDUSTRIAL DEVELOPMENT.............................. B6 INVESTMENT TRANSACTION............................ B6 TENANT IMPROVEMENT.............................................. B7

PRESENTED BY

SPONSORED BY

COMMERCIAL REAL ESTATE

AWARDS

MESSAGE FROM THE PRESIDENT

NAIOP

Vancouver is happy to partner with Business in Vancouver once again to produce the Commercial Real Estate Awards for 2020. This year’s awards recognize excellence in commercial real estate within the Metro Vancouver area for the years 2018 and 2019. This our fifth biennial celebration of local achievement in commercial real estate. These awards recognize the full range of disciplines involved in creating successful, forward-thinking real estate solutions, while highlighting the leadership role played by property owners, developers and professional advisers. This year’s award ceremony had to be reimagined within the constraints of the COVID-19 pandemic. A small gathering took place on November 4th and was recorded to help create the awards video that will be shared with the community at large. The project, originally scheduled for May, was postponed in the hope that we could still hold our traditional gala, but the need to recognize these projects compelled us ensure that we found a way to celebrate this year. As always, we received a tremendous assortment of submissions and our judges were able to narrow these down to just over 30 finalists and the showcase of winners we are excited to present to you. When celebrating commercial real estate in British Columbia, it’s important to recall the vital role that NAIOP Vancouver plays in advocating for our members and for the commercial real estate industry as a whole. The NAIOP Vancouver Board and our committees work constantly to represent our industry, participating closely with many of our local municipalities as well

as the provincial and federal governments. In addition to being the voice of the commercial real estate community, NAIOP Vancouver seeks to enrich our industry by bringing people together and providing education and mentorship to build both community and careers. This year more than ever we have worked hard to advocate for our industry, focused on numerous key issues in consultation with municipalities and government bodies, including but not limited to: • Liaising with Provincial and Municipal Policy Makers • Development Issues Roundtables • Development policy updates • Advocacy on tax, fees and approvals • Cost of Business Survey The Commercial Real Estate Awards are our way of highlihting the achievement of our industry. NAIOP Vancouver is proud to be a part of this success. Please join me in congratulating this year’s finalists and applauding this year’s winners. Jason Kiselbach President, NAIOP Vancouver, 2020

COMMERCIAL REAL ESTATE AWARDS COMMITTEE CO-CHAIRS

Committee Memebers: Fiona Ng Brad McArthur, Director of Business Development Elevation Building Solutions

Conrad A. Rego, Partner, Real Property & Planning McCarthy Tétrault LLP

Associate Director, Commercial Real Estate Royal Bank of Canada

Mark Crosland Asset Manager GWL Realty Advisors

Darren Wong

JUDGES

Chris Enns,

Chrystal Burns,

Executive Director KingSett Capital | Mortgage Investments

Senior Vice President, Retail QuadReal Property Group

Kirk Kuester

Jennifer Podmore Russell, SVP Operations Rennie Group

Commercial Real Estate Consultant

Heali Thirlwell Sales Associate CBRE Limited | Office Properties

Alexis Johnston Devin Ringham Principal Avison Young

Chris Wilson Business Development Manager BIV

Norm Taylor, Vice President & Managing Director, Real Estate Finance CMLS Financial

Chuck We, Senior Vice President, Western Canada Hudson Pacific Properties

DEVELOPING LEADER Award will be given to the NAIOP Vancouver developing leader who during the calendar years 2018 and 2019 showed exemplary leadership in the commercial real estate industry and who contributed to the industry in a significant way.

Gord Robson Company: Avison Young Position: Principal

Gord Robson began his commercial real estate career in 2012 starting as a Sales Assistant with Avison Young. After two years of working for a team of brokers, Gord began building his brokerage business and earned the title Rookie of the Year in 2014. Utilizing a strong work ethic and a client-centric approach, he continues to achieve new heights of success and became a Principal of Avison Young in 2020. Gord engages in constant learning to improve his knowledge and better serve his clients. Taking advantage of NAIOP’s education programs, he recently completed his Certificate of Advanced Study in Commercial Real Estate Finance.

As an active member of the community, Gord previously served on the Vancouver Sun Run Race Committee and the Boys and Girls Club Event Steering Committee. Gord is also a team leader for Avison Young’s annual dAY of Giving, a global company initiative where employees volunteer for various community projects in their respective markets. Gord believes in treating all his colleagues with respect and approaches every transaction with integrity. Since the start of his career, he has successfully lead sales and leasing transactions totalling over 1.3 Million square feet representing a total transaction dollar volume of over $325 Million.

COMMERCIAL REAL ESTATE

AWARDS

BEST OFFICE LEASE | FINALISTS Award will be given to the team or individual responsible for negotiating the top office lease completed during the calendar years 2018 and 2019. Selection will be based upon the complexity, innovation and creativity of the transaction to meet the objectives of the landlord and tenant. Market impact of the transaction will also be considered.

VCII

400 West Georgia

2131 Manitoba

Vancouver-based Kabam is one of the largest social gaming companies in Canada. With a primary focus on amenities, including transit, wellness, entertainment space and pet-friendly premises, Kabam, with Colliers International as their advisor, selected VCII for their new 120,000+ SF global headquarters. Developed by GWL Realty Advisors, VCII is a speculatively built 378,000 SF LEED Platinum, WELL Gold, and WiredScore Certified office development in Downtown Vancouver. GWL Realty Advisors worked with Kabam on a custom ‘dog-friendly’ premise which will include a private outdoor deck and inter-connected floors.

Originating in Amsterdam and acquired by IWG, Spaces is the largest profitable co-working brand in the world. With Colliers International as their advisor, Spaces selected 400 West Georgia as their fourth Vancouver location and largest global office. Designed by Tokyo-based OSO and Vancouver-based Merrick Architecture, and developed by Westbank, Space’s global CEO fell in love with the striking world class architecture and extraordinary potential of what they could do with the space. This was the first lease signed and is the largest tenant at 400 West Georgia.

2131 Manitoba is a brand new 4 storey light industrial /office building in the heart of Mt. Pleasant that will be the new home of tenant, AbCellera. AbCellera is an industry leading bio-tech company focused on antibody discovery used in the fight against disease. Founded in Vancouver, AbCellera will continue to grow their amazing business in this 50,000 sf standalone building in the center of Vancouver’s tech hub. AbCellera is a great Vancouver growth story and Wesgroup is very proud to be collaborating with them in creating a new office and laboratory to further enhance the amazing work they do.

First West Credit Union First West Credit Union Building is a 130,000 square foot, 6-storey office and retail building prominently located on the southwest corner of 200th Avenue interchange with Highway 1 in Langley. It will serve as First West Credit Union’s iconic headquarters and feature other office and retail businesses along with fitness and outdoor amenities, and ample surface and underground parking.

Oxford Place In 2018, Oxford Properties Group executed a mutually dependent series of transactions that involved seven different leasing transactions, including four lease surrenders and three new leases across three separate buildings while involving five separate tenants. The entire transaction resulted in over 48,000 SF of surrendered space, and 42,500 SF of new leased space. Either all seven of these transactions were going to happen or none of them, based on the background provided. Oxford waived subjects on all six lease related transactions at the same time by lining up the six agreements and executing them together.

CONGRATULATIONS! Conwest congratulates all winners and nominees of the 2019 Commercial Real Estate Awards of Excellence

IRONWORKS – 2019 Best Industrial Development

A BETTER WAY to develop, design, build

401 – 1930 Pandora St, Vancouver, BC

CONWEST.COM

omicronaec.com

COMMERCIAL REAL ESTATE

AWARDS

BEST INDUSTRIAL LEASE | FINALISTS Award will be given to the team or individual responsible for negotiating the top industrial lease completed during the calendar years 2018 and 2019. Selection will be based upon the complexity, innovation and creativity of the transaction to meet the objectives of landlord and/or tenant. Market impact of the transaction will also be considered.

BMW Canada

Delta iPort

3100 Production Way, Burnaby

BMW Canada Inc. and Beedie worked to design and construct a state-of-the-art distribution and training facility for BMW within Beedie’s master-planned Delta Link Business Park. This modern facility adds a total of 362,000 SF of industrial space to the Park. With BMW occupying 278,000 SF, the remaining 84,000 SF was leased by Goodfood Inc. and includes a 3,500 SF office buildout.

Developed by GWL Realty Advisors on behalf of owner HOOPP and in collaboration with British Columbia’s first self-governing first nation under a new urban treaty, Tsawwassen First Nation (TFN). Delta iPort is a fully leased, market leading Tier-1 industrial park located adjacent Canada’s flagship container port, offering nearly one million sf of modern distribution space across two buildings.

Daiya Foods is a local, plant based food production company that has grown to become one of the leading plant based food production companies in the world. Following being acquired in 2017 Otsuka Pharmaceutical Co., Ltd. (Otsuka), Daiya Foods initiated plans to develop a world class food production facility which will be up and running in 2020 at 3100 Production Way.

BEST RETAIL LEASE | FINALISTS Award will be given to the team or individual responsible for negotiating the top investment transaction or development completed during the calendar years 2018 and 2019. Selection will be based upon the complexity, innovation and creativity of the transaction to meet the objectives of all parties involved. Market impact of the transaction will also be considered.

McArthurGlen

SportingLife at Brentwood

The Independent at Main

Already recording the highest sales densities of any designer outlet in Canada, McArthurGlen Designer Outlet Vancouver Airport, opened its Phase 2 in August 2019, in order to meet outstanding demand; adding an additional 85,000 square feet of retail space. Brands such as Jimmy Choo, Stuart Weitzman, North Face, Starbucks, Adidas and Aritzia are all part of the new development.

This 46,000 sq.ft. store represents the first Sporting Life to open in British Columbia. The location encompasses a single-level, large footprint in a new urban mixed-use development at the Amazing Brentwood in Burnaby, developed by Shape Properties. Sporting Life was critical to the merchandising mix at the Amazing Brentwood and another step towards their nationwide expansion.

Approximately 30,000 square foot Nesters Market (BuyLow Foods) on the second level of a 72,000 square foot commercial podium in a comprehensive mixed-use development with 258 homes above. The premises’ unique vertical transportation allowed the anchor tenant to be on the second floor while not compromising on the customer experience and loading.

BEST OFFICE DEVELOPMENT | FINALISTS Award will be given to the team or individual responsible for developing the top office project completed during the calendar years 2018 and 2019. Selection will be based upon the quality, functionality, leasing, sustainability and financial performance of the project. Innovation will also be considered.

565 Great Northern Way

CC2

The Lightworks Building

Developed by PCI Developments in co-ownership with LowTide Properties, 565 Great Northern Way is located in an emerging creative and technology district and is comprised of an architecturally distinct 160,000 sf, 7-storey office building, standalone 2,200 sf retail pavilion, along with over 1 acre public realm & plaza immediately adjacent to Emily Carr University of Art + Design.

CC2 offers twelve storeys of Class A professional strata offices with retail at grade immediately adjacent to Surrey Memorial Hospital. Developed by Lark Group, It is comprised of 180,000 sf over 11 storeys of office space and retail. The buildings are LEED® Gold certified with over 1,000 parking stalls, an on-site fitness facility, bicycle storage and common outdoor terraces.

Lightworks is a 54,000 sf, light industrial/commercial building, with 4-storeys office space in the heart of Mount Pleasant. The Lightworks building is part of the return of urban manufacturing to the neighborhood. The original Art Deco façade has been maintained while recreating a new hub for creative manufacturers & businesses wanting to lease state-of-the-art office & retail space.

COMMERCIAL REAL ESTATE

AWARDS

BEST MIXED-USE DEVELOPMENT | FINALISTS Award will be given to the team or individual responsible for developing the top mixed-use project completed during the calendar years 2018 and 2019. Selection will be based upon the quality, functionality, leasing, sustainability and financial performance of the project. Innovation and scale will be considered.

The River District

Ironworks

Strathcona Village

3 Civic Plaza

The Exchange

The River District is a 128 acre master-plan ned com mu nity along the Fraser River in southea st Va ncouver. T he R iver District is one of the largest developments in the City of Vancouver and will be home to over 15,000 people. The Town Centre is the commercial hub of the development and Town Centre 1 is a 296 unit residential tower and podium with commercial at grade. Anchored by a 40,000sf Save-on-Foods the building includes a wide variety of retail amenities. The building also contains a swimming pool, gym, squash and basketball courts and large communal outdoor area on the podium.

I ronworks is Ca nad a’s f i rst stacked industrial/commercial development, consisting of two buildings with 140,000 SF of double-height light-industrial space, 70,000 SF of general office space, a restaurant space and 100,000 SF of secure underground parking. The Southern building is comprised of two stacked storeys of flexible light-industrial space, while the Northern building consists of light-industrial below two storeys of office space. The two buildings are separated by a central landscaped mews, with a common dock loading area, individual loading for each unit, and parking for visitors.

Strathcona Village is a mixeduse industrial and residential development located near the downtown core. To maintain existing industrial space while increasing the local housing supply, the project successfully pioneered the integration of what were previously considered incompatible programs into a new hybrid mixed-use typology for Vancouver. Working with GBL Architects, Wall Financial Corporation developed the $112M mixed-use development, the first of its kind in North America. The 300,000 sf building accommodates market housing with much-needed affordable housing and job spaces for light industry.

Developed by Century Group in partnership with Surrey City Development Corporation, 3 Civic Plaza is an iconic project as it represents Surrey’s first mixed-use hotel, education, and residential project. Located at the geographic centre of Metropolitan Vancouver, Civic Hotel embodies the City of Surrey’s vision for a vibrant, modern, and social business hub. In addition to Civic Hotel, the development includes 52 storeys of 349 residential units and 50,000 square feet of commercial space, which is occupied by Kwantlen Polytechnic University.

SwissReal Investments entered into a partnership with Credit Suisse Real Estate, Zurich, to conduct the development and redevelopment of the Old Stock Exchange Building, 475 Howe Street. Under the Lead Architects Harry Gugger Studio, Basel and Iredale Architecture, the Property was re-zoned and approved for an Office Building of 422,000 sq.ft.. The Old Stock Exchange Bu i ld i ng was desig n ated as Heritage A Office Building and redeveloped alongside the new structure. The LEED Platinum designation created a new standard for sustainability that will stand the test of time - where the past greets the future.

Like you, we believe success is built on hard work and strong communities. And that’s why we’re so proud to support NAIOP Vancouver and Business in Vancouver in recognizing the top projects in commercial real estate.

Vancouver Kelly McKnight 604-665-0251 kelly.mcknight@rbc.com

Fiona Ng 604-713-2789 fiona.ng@rbc.com

Vice President, Commercial Real Estate

Associate Director

Wes McCrorie 604-665-0480 wesley.mccrorie@rbc.com Director

What sets Colliers apart is not what we do, but how we do it. You’ll experience forward-looking expertise that elevates value every step of the way. Visit collierscanada.com to learn more.

Visit commercial.rbcroyalbank.com ® / ™ Trademark(s) of Royal Bank of Canada.

Full Service Commercial Real Estate Expertise

VPS107626

124827 (07/2020)

COMMERCIAL REAL ESTATE

AWARDS

BEST INDUSTRIAL DEVELOPMENT | FINALISTS Award will be given to the team or individual responsible for developing the top industrial development completed during the calendar years 2018 and 2019. Selection will be based upon the quality, functionality, leasing, sustainability and financial performance of the project. Innovation will also be considered. This category shall include both multiple building projects and single building projects.

Sobey’s

Ironworks

Delta iPort

IntraUrban Rivershore

Developed by Beedie, this custom-built, state-of-the-art facility for Sobeys Inc. represents one of the largest freestanding industrial buildings ever constructed in Metro Vancouver. In addition, this facility is the only second tilt-up freezer building built in British Columbia. Built to FM Global Standards, this 530,575 SF building includes 13,196 SF of office space over two floors, 314,690 SF of cold storage, 168,963 SF of ambient storage and distribution; and 29,606 SF of building plant and equipment maintenance area. This new facility allows Sobeys to consolidate their distribution and form a critical component of Sobeys’ supply chain immediately and into the future.

Ironworks is Canada’s first stacked industrial/commercial development, consisting of two buildings with 140,000 SF of double-height light-industrial space, 70,000 SF of general office space, a restaurant space and 100,000 SF of secure underground parking. The Southern building is comprised of two stacked storeys of flexible light-industrial space, while the Northern building consists of light-industrial below two storeys of office space. The two buildings are separated by a central landscaped mews, with a common dock loading area, individual loading for each unit, and parking for visitors.

IntraUrban Rivershore is a 260,000 square feet, 34 unit, light industrial strata development comprised of two buildings, with units ranging from 1,155 to 12,550 square feet on an 11.25 acre site. Virtually sourronded by the Fraser River, the development is located at 11111 Twigg place on the western most tip of Mitchell Island, with direct access to main transportation routes. IntraUrban Rivershore filled a void in the marketplace for small and medium sized enterprises to own their own space in close proximity to Vancouver, Richmond, and YVR, which has now afforded these businesses the opportunity to control their own destiny.

BEST INVESTMENT TRANSACTION | FINALISTS Award will be given to the team or individual responsible for negotiating the top investment transaction completed during the calendar years 2018 and 2019. Selection will be based upon the complexity, innovation and creativity of the transaction to meet the objectives of all parties involved. Market impact of the transaction will also be considered.

Bentall Centre

Cottonwood Mall

Maplewood Gardens Village

As one of the most renowned office complexes in downtown Vancouver, Bentall Centre is unique in its location and prominence. CBR E Vancouver’s National Investment Team conducted a comprehensive sales and marketing process to sell Bentall Centre, offering incredible scale of 1.45 million rentable square feet throughout four towers on 4.9 acres of land. The marketing process resulted in significant demand with over 40 signed confidentiality agreements signed and 20 tours conducted. Ultimately CBRE secured a joint venture partnership between Hudson Pacific and Blackstone Property Partners, making the sale of property the largest single transaction in 2019.

Cottonwood Mall is the dominant retail centre in Chilliwack, BC, and one of the largest enclosed malls in the Eastern Fraser Valley, offering 259,560 square feet of prime retail space. Anchored by a premier mix of national tenants including London Drugs, Dollarama and TD Canada Trust, the Property presented investors with the opportunity for substantial upside through repositioning of the existing mall. CBRE NIT-Vancouver successfully transacted this Property to PCI Developments, which allowed the purchaser to benefit from the asset’s strategic location in one of BC’s fastest-growing communities, as well as its exceptional tenant mix.

Maplewood Gardens, a 3.63 acre mixeduse development site currently improved with 65 rental suites, was sold by a private family to a joint venture between Darwin Properties & QuadReal after over 12 months of negotiations. The transaction proceeded through a contentious municipal election, a dynamic multi-family condominium market and fluctuating land values. The final form of the transaction was highly structured to ensure the maximum possible alignment between the parties. The sale is poised to transform North Vancouver’s Maplewood Village Center by contributing up to 395,000 square feet to Darwin Properties’ vision of a new mixed-use neighbourhood in Maplewood.

Ottmann Apartment Portfolio The Ottmann Apartment Portfolio comprised of 456 units across four high-quality concrete highrise apartment buildings located in the Vancouver’s West End and North Vancouver’s Lonsdale neighbourhoods. Originally built and owned by a family based in Germany at the time of sale, Colliers listed and sold the portfolio to a Toronto-based institutional buyer in early 2018. To ensure value for the assets was maximized, Colliers orchestrated an orderly listing process and entertained offers on both and individual and portfolio basis, which achieved results that satisfied the seller’s pricing and timing

COMMERCIAL REAL ESTATE

AWARDS

BEST TENANT IMPROVEMENT | FINALISTS Award will be given to the team or individual responsible for the best tenant improvement completed during the calendar years 2018 and 2019. Selection will be based upon the quality, functionality, leasing, sustainability and financial performance of the project. Innovation will also be considered. This category shall include both multiple building projects and single building projects.

House of Funk Brewery

SAP

Finning

Pavilion Cowork

Working with Vancouver based Interior Design and Architecture firm – Cutler, the House of Funk team wanted patrons to feel like they were walking into an ancient church while “tripping” (a temporary altered state of consciousness). Lancet style windows inspired by the gothic church connect the beer production area with the tasting room. Dichroic film, which changes colour depending on what angle you are viewing it from is applied to the windows, making it appear as if it’s rippling and undulating. Mural artist – Dodo Ose, was commissioned to create an installation within the tasting room.

Omicron provided interior design and engineering services for SAP’s expansion to include a below-grade tenant improvement. The design is focused on creating a unique, flexible space that reflects the Client’s vivid brand and culture. It incorporates elements that brighten up the whole level, improve wayfinding and provide flex spaces to accommodate the staff’s needs. Outstanding features include areas inspired by Vancouver landmarks such as Commercial Drive and Yaletown, as well as gender neutral washrooms featuring unique patterned wallpapers.

The client was seeking to create ‘One Finning’ as three distinct offices amalgamated into one. The new office was a return to their original location on Great Northern Way and afforded the ability for the company to reposition itself as customer-centric, progressive, and digitally competent. The design needed to celebrate their history but look to the future. A future forward design that also honoured their past while creating an environment that spoke of one identity. The new office space is energetic and fun. A clean, refined space that draws on their brand and industrial elements.

Working with local Vancouver Interior Designer - Gaile Guevara, the design of the space reflects that of a boutique hotel with office space sensibilities, creating a workspace experience unlike any other in Vancouver. Pavilion Cowork’s objective is to create a collaborative workspace, this was reflected in the design of the space Private offices surrounding the parameter of the floor, offering spaces of solitude for focus, while a communal lounge/kitchen space offers areas for break-out meetings and an open-concept environment for those who prefer to work in the company of others.

Managing 8.5 Million Square Feet

of office, retail, industrial, residential and strata properties Chosen by investor clients based on our integrity, expertise, reputation and proven ability to produce results.

604.602.1887 | warringtonpci.com

Property Management

Asset Management

Leasing