Toronto, ON – (November 30, 2021) Crown Realty Partners (“Crown”), on behalf of Vestcor Inc. (“Vestcor”), is pleased to announce the acquisition of Place de Ville (the “Property”) on a 50/50 basis with Crestpoint Real Estate Management Ltd. (“Crestpoint”). Place de Ville is a major office complex spanning two city blocks located in downtown Ottawa, Ontario. Crown will also act as property manager on behalf of the co-owners.
Place de Ville is a 1.2M square foot office complex and most notably, “Tower C” at 320 Queen Street stands as Ottawa’s tallest office building at 29 storeys (367 feet). The Class A complex consists of four office buildings at 320 Queen Street, 112 Kent Street (“PDV 1”), 300 and 330 Sparks Street (“PDV 2”) and a development site. Place de Ville is home to over 7,000 federal employees, AAA-rated tenancies and stands as an icon in the City Centre with stunning views of Parliament Hill, the Ottawa River and downtown Ottawa.
Spanning two city blocks, Place de Ville has undergone a $5M concourse renovation, which is connected to an underground pedestrian pathway giving occupants access to an abundance of shopping and dining options, two four-star hotels and transit. Place de Ville is one of only three buildings with direct access to the city’s O-Train LRT line from its concourse and it has over 1500 parking stalls, 45 secure bike storage spots and dedicated motorcycle parking.
The marquee complex has a timeless design and is one of the most recognizable buildings in Ottawa’s skyline. Within, floor plates range from 12,000 square feet to 20,000 square feet throughout the buildings, providing a multitude of flexible and efficient layout options for existing and prospective tenants. The tenant experience is further enhanced with Place de Ville being Well Health-Safety Rated (2021), carrying an Energy Star Score of 85 and earning BOMA 360 Performance Building designation (2020).
In the fall of 2019, Crown entered the Ottawa market with a 289,000 square foot acquisition and has since grown to own and manage more than 2.5M square feet of office space across the National Capital Region with more investments on the horizon. Scott Watson, Crown’s Partner of Acquisitions and Leasing said, “We see an amazing future in this market with access to a highly diverse labor market including one of the highest technology focused talent pools in North America, amazing cultural offering, growing transit and access to affordable living. These are all keys to successful office investments.”
About Crown Realty Partners
Founded in 2001, Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with over three billion dollars of real assets under management. Crown has a well-established track record, an experienced team and takes a hands-on approach to provide superior returns for investors and better workplaces for tenants.
For further information, please contact:
Partner, Acquisitions and Leasing
Crown Realty Partners