Toronto, ON – (August 9, 2019) Crown Realty Partners (“Crown”) announced it has closed on the acquisition of 1525, 1545 and 1565 Carling Avenue, its first property in Ottawa, Ontario.
Known as the Carling Executive Park, the complex is comprised of approximately 289,000 square feet of office space, on a 4.16 acre site in the Ottawa West submarket. The property is positioned adjacent to Highway 417, which offers easy local and regional access, as well as visibility for tenants. The property is fully serviced by the OC Transpo and its access-oriented location positions it in proximity to Kanata, downtown Ottawa and a number of amenities.
The Property is on the border of Carlingwood and Westboro Village, two popular residential neighborhoods in Ottawa which attract a young and highly educated local workforce. Area amenities are highlighted by the various trendy shops and restaurants with nearby recreational amenities including Westboro Beach and the National Capital Commission recreational pathways and trails.
“We are pleased to acquire our first asset in Ottawa, in an area that will continue to attract tenants across a wide range of industries,” said Emily Hanna, Partner, Investments. “Our repositioning plans are geared to assist companies in attracting top Ottawa talent and making them feel excited to come to work.”
This acquisition was made on behalf of Crown’s fourth value-add fund, Crown Realty IV Limited Partnership (“CR IV LP”). Crown will act as asset manager and has engaged Glenview Management Ltd., the original developer of the site, to oversee the property management. Crown and Glenview will kick off large-scale capital improvements commencing this fall including upgrading common areas, introducing a WorkFit by Crown fitness centre, a new tenant conference centre, and a robust model suite program.
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.
CR IV LP has raised over $234 million of capital to invest and is actively seeking Canadian commercial real estate investment opportunities that fit the fund’s value-add investment mandate. www.crownrealtypartners.com.
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Crown Realty Partners