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Pacific Canada  + Canada + Cross Border News + Ontario  + Office  | 
CPPIB and Oxford Properties have agreed to sell two Vancouver office buildings for about $300 million, according to Bloomberg.

Canderel to Manage Two Deka Office Towers in Vancouver

Germany’s Deka Group has hired Canderel to manage two nearly acquired office buildings in downtown Vancouver.

Canderal announced that it will be responsible for the operation and leasing of 401 West Georgia Street and 402 Dunsmuir Street. Although the two properties have different street addresses, they sit back-to-back on routes running parallel with each other and are considered one complex.

Together, the buildings comprise 416,000 square feet of class A and AAA office spaces.

Deka recently acquired the properties from the Canada Pension Plan Investment Board, which owned the Georgia Street building, and Oxford Properties, which held the Dunsmuir asset, for a reported price of approximately $300 million. Both CPPIB and Oxford are based in Toronto.

Built in 1985, the 22-storey has undergone extensive upgrades. The nine-storey Dunsmuir building was completed in 2020.

Amazon has leased large amounts of space in both buildings.

Montreal-based Canderel ranks among Canada largest real estate companies. The company manages about $20 billion in acquisitions, developments and management projects.

Pictured: 402 Dunsmuir Street, Vancouver (front) and 401 West Georgia (back), Vancouver.

Image: B+H Architects


Inside The Story

Oxford PropertiesCPPIB

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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