Morguard completed the purchase of a 20 per cent freehold interest in Telus Garden located at 510 West Georgia and 541 Robson Street.
MISSISSAUGA, ON, Oct. 9, 2024 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard") is pleased to announce the acquisition of a 20 per cent interest in Telus Garden, a premier Class AAA office building located at 510 West Georgia and 541 Robson Street, Vancouver, BC. This property is situated in Vancouver's newly revitalized eastside central business district, and is home to Telus, Amazon, and other renowned tenants.
"We are thrilled to strengthen our presence in the heart of downtown Vancouver, one of Canada's premier office investment markets with some of the lowest vacancy rates in North America," said Angela Sahi President and Chief Operating Officer of Morguard. "This acquisition offers strong growth potential and aligns with our commitment to a more sustainable Morguard with the building's thoughtful design and environmental features."
Built in 2016, this premier Class AAA office building is a stunning blend of modern design and sustainability. Spanning 557,255 square feet, including 32,855 square feet of retail space, the 24-storey office building has been recognized with LEED Platinum and BOMA Best Platinum certifications by utilizing numerous sustainable features such as a district energy system, green roof, and solar panels. Notable, unparalleled architectural elements include a double-height wood-sculpted roof, a glass-encased lobby with lush gardens, and LED-integrated facade lighting.
Conveniently located near Vancouver's Skytrain and Expo line, the property offers 318 parking stalls, supporting various modes of transportation for tenants. Morguard was appointed as the asset and property manager for this premier property, which provides excellent access to a wide array of nearby amenities and fosters a vibrant, forward-thinking community that inspires everyone who steps through its doors.
"The high-quality build and prime location of Telus Garden make it an appealing choice for top-tier tenants, particularly those in technology and professional services," said Tom Johnston, Senior Vice President, Asset and Property Management, Western Canada of Morguard. "With its highly sought-after, investment-grade tenant base, the property offers stable and sustainable income growth for our office portfolio."
Morguard's total office portfolio includes 11.7 million square feet of leasable area and is valued at $2.6 billion as of June 30, 2024. The partial acquisition of Telus Garden demonstrates Morguard's commitment to and confidence in the office asset class and represents a continued expansion of the company's national and Vancouver office portfolios.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $17.6 billion. Please visit www.morguard.com or follow us on LinkedIn and Instagram.
SOURCE Morguard Corporation
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