Deal of the Year: Centennial Towers sale sets record in Ottawa

December 20, 2012

Lease signaled challenges facing landlords

A government-occupied office tower on the western edge of downtown Ottawa was a central fixture in both the city’s leasing and investment markets in 2012.

Topics : Morguard , Public Works , GWL Realty ,Ottawa , North America , Manitoba, Cresa Ottawa

In January, landlord Morguard renewed its federal tenancy for an additional 12 years at what observers say was an aggressive rental rate. It signaled the early stages of a slowdown in the leasing market and was indicative of the concessions some say landlords will have to make over the next year to keep their buildings occupied.

With that lease in hand, Morguard sold the property several months later to GWL Realty for $143.3 million, the largest single-building deal of the year in Ottawa.

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