Closing for Premium Office Campus in Canada

Transaction | 2024-05-03

Deka Immobilien has just completed the closing of a significant transaction for a premium office campus in Vancouver. The transfer of risks and rewards has been successfully completed.

Deka Immobilien had contractually secured the top-tier office campus consisting of two premium properties on the Canadian West Coast in downtown Vancouver. This acquisition will be incorporated into the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal. With this transaction, the fund expands its global diversification and continues to focus on prime real estate in major cities worldwide. The seller was a joint venture between Oxford Properties and the Canada Pension Plan Investment Board.

The office campus is situated in the thriving technology submarket of Vancouver's Downtown District and spans an entire city block. The 22-story office complex at 401 West Georgia Street was originally constructed in 1984/85 and underwent renovations in 2020. It currently houses around two dozen tenants, including notable names such as Aon Canada, Desjardins, and a Michelin-starred restaurant. Adjacent to this complex is a newly constructed nine-story building at 402 Dunsmuir Street, completed in 2020 and fully leased to Amazon Web Services Canada. Together, these two core office buildings offer a combined leasable area of approximately 415,000 sq. ft. and provide 235 parking spaces in an underground garage. Tenants have access to modern amenities including fitness centers, lockable bicycle boxes, and charging stations for both bicycles and electric cars.

In terms of sustainability, the properties meet modern requirements with certifications according to LEED Gold and WELL standards, as Deka Immobilien places high value on the comfort, health, and well-being of building occupants.