Quote:
Originally Posted by queetz@home
What do you mean Metro Vancouver "bought" the building? Did they actually buy the entire building (i.e. take ownership) or just long term lease?
I did not know Metro Vancouver has the funds to actually buy commercial real estate, especially really pricey ones such as these.
|
No, they actually bought bought it (i.e, own it)
Ivanhoe Cambridge (previous owners and owners of MetroTowers 1 and 2 along with the entire mall) still own the land as landlords I believe, but the building is Metro Vancouver's.
The plan was for them to occupy 12 floors and lease out the rest, and moving in was supposed to be a year long (or so) proposal, so probably not until mid next year or Fall next year before they fully take residence there.
As to the funds to actually buy it, there was a bit of a debate as to whether this was prudent, but it turns out they were looking at spending almost as much, if not more in maintenance and upkeep of their current location further down on Kingsway - a building built in the 70's or 80's , I believe - over the next 20 years, and so the decision came down to just buy-to-own a new location and to properly fit it out to serve their needs (and I guess, make some money on the side renting out the floors they don't need to businesses and offices).
Their current building location ( I think it's the gold office towers) will likely be bought out and redeveloped in the new future, anyway, as it's part of the 1980's designed office towers and lowrises along Kingsway.