A 30-storey office tower proposal in Vancouver, set to be announced next monday:
Glitzy new addition to wave of new office construction aims to be Vancouver's greenest
VANCOUVER— Globe and Mail Update
Published Saturday, Sep. 24, 2011 12:24PM EDT
A European consortium is preparing to develop a new office tower in Vancouver, a first in the city’s recent downtown development and a potential glitzy new addition to an existing wave of new office construction.
The planned 400,000-square-foot tower, to be made public Monday by Credit Suisse AG and Swissreal Investments Inc., will be aiming for construction that’s at the highest environmental certification level ever seen in the city for an office building – LEED Platinum.
The developers are hoping that will attract a group of companies whose corporate philosophies make it a priority to be in the greenest office building available.
“LEED Gold has been the benchmark so far in Vancouver,” says Colliers vice-president Maury Dubuque, whose company worked with Credit Suisse on the deal. “This is higher.”
The building design displayed by the architects, Iredale Group Architecture, shows a strikingly modern tower made up of two distinct components that envelop and preserve the city’s Old Stock Exchange Building on 800 West Pender St.
Mr. Dubuque said it’s the first time in recent history, as far as he knows, when a European company has developed rather than just bought an office building in downtown Vancouver. Two major properties – the Bentall V tower and Harbour Centre – were acquired by German companies in recent years.
But Vancouver has become an attractive market for international capital because it’s stable, he said.
“The message this sends to me is that, despite the world’s economic situation, there is a lot of capital investment happening and they’re looking for a relatively safe haven.”
As well, the city currently has the lowest vacancy rate of any city in the Americas, according to statistics compiled by Cushman Wakefield...
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