Alta Canada has acquired the Air Transat Tower office and retail complex in downtown Montreal for $48 million, according to a published report.

The Montreal-based real estate owner and developer purchased the 26-storey property, located at 300 Léo-Pariseau in the Place du Parc complex, along with its retail component and a large underground parking facility. Richard Geller, AltaCanada’s president and CEO confirmed the acquisition to the publication that published the report and commented on it for the story.

The 50-year-old tower contains approximately 567,000 square feet of leasable space, primarily office, with retail on the lower levels, and is situated near the gateway to downtown Montreal.

The asset has experienced elevated vacancy in recent years, reflecting broader challenges among older Class B and C office buildings in the Greater Montreal market. Alta Canada plans to revitalize the property, including upgrades to common areas and potential enhancements to the rooftop space, according to the report.

The complex includes a shopping centre along Parc Avenue and parking for approximately 1,100 vehicles, a key feature in a supply-constrained area. Major tenants include Air Transat as the anchor occupant, along with Nestlé/Nespresso Canada, while retail tenants include a grocery store and cinema.

The acquisition marks Alta Canada’s second major purchase in the past year, following its acquisition of the former Hospital Misericorde site on René-Lévesque Boulevard, where redevelopment plans are also underway. Prior to the transaction, the company owned and operated more than one million square feet of assets, primarily in the Greater Montreal area.

The deal comes amid improving fundamentals in Montreal’s office market, where availability has been declining alongside several consecutive quarters of positive absorption and limited new supply, particularly in higher-quality buildings.

Pictured: The historic former Miséricorde hospital site in downtown Montreal.

Photo: Philippe Du Berger/National Historic Trust for Canada