In late-February, Ottawa-based real estate firm Regional Group announced that they had actually obtained 150 Slater Street in downtown Ottawa, a landmark office building near Parliament Hill.Located at the corner of Slater Street and O’Connor Street, two blocks far from Confederation Park and within 50 metres of the LRT Parliament Station, 150 Slater Street is a 19-storey Class An office tower that was purpose-built as the worldwide headquarters for Crown corporation Export Advancement Canada (EDC), which was seeking to combine its operations from two nearby buildings.After a competitive bidding procedure, EDC chose the Montreal-based duo of Broccolini and Canderel for the task, which commenced building in Might 2009. Later on that year, Manulife Financial(TSX: MFC )announced that they had entered into an arrangement to purchase 150 Slater Street in a deal that was arranged to close in 2011. In 2015, 150 Slater Street was then listed for sale by
Peter D. Senst, Jaysen Smalley, Kai Tai Li, and Nico Zentil of CBRE on an unpriced basis.Regional Group did not disclose financial information when they revealed the acquisition last month
, but STOREYS has found out that the purchase price was$143.5 million. The structure has 477,448 sq. feet of space, according to CBRE’s sales pamphlet, equating the rate to$301 per sq. ft.
150 Slater Street in Ottawa. (Regional Group)
The building has actually been 100% occupied since it was completed, with 98% of the space inhabited by EDC through a lease that goes to 2031, according to the 2009 sale announcement. The remaining 2% is rented to a merchant on the ground floor.The occupancy has a weighted typical lease term of 6.8 years (as of January 2025) and CBRE notes in its sales pamphlet that EDC’s below-market rent is flat till expiration. They likewise note that both occupants have alternatives to restore for five-year terms at market rents, using an attractive upside.The workplace tower
occupies a 1.02-acre lot, is anchored by a distinctive white-marble podium bearing the EDC logo, and is served by 215 underground parking areas. Structure features include a private fitness center and rooftop lounge.The structure was
constructed to satisfy LEED Silver standards– the just such office complex in downtown Ottawa at the time– and has because become LEED Gold certified, according to CBRE. 150 Slater Street in Ottawa. (Regional Group)
“We believe the bottom of the office cycle has actually passed, and this home is a standout addition to our portfolio, benefiting from the fact that common financiers have actually been sidelined,” said Sachin Anand, Regional Group VP of Acquisitions, in a release last month.
“We strongly think in the durability of the sector, and we are tactically buying Class An office buildings with strong long-lasting capacity,” included Regional Group President and CEO Sender Gordon. “We have actually always approached our acquisitions with an eye to what makes good sense today and for the long term.”
“This property uses excellent future capacity with high-quality existing renters, and we’re thrilled to include it to our portfolio,” Gordon stated. “This isn’t almost a property transaction. It shows our continued commitment to Ottawa’s economic neighborhood, to shaping a dynamic city, and to Improving Communities for several years to come.”
Established in 1958 as Regional Real Estate, Regional Group has become a vertically-integrated business with a portfolio of over four million square feet of industrial and domestic space, plus an advancement pipeline of $5 billion, according to the company.Other significant assets the business owns in Ottawa include the Hazeldean Shopping mall at 300 Eagleson Roadway got from BGO in 2019, the Qualicum Centre three-building office complex at 2932, 2934, and 2936 Standard Roadway acquired in 2022, and the gold-glass office building at 1600 Carling Opportunity got in 2024.