Chevron Canada is selling a vacant office tower in downtown Calgary, with JLL listing the property on the oil and gas company’s behalf.

The 261,500-square-foot building, known as 500 Fifth, is located at 500 Fifth Avenue S.W., between Fourth and Fifth streets. The fully built-out office tower is in excellent condition and offers a value-add investment opportunity, including potential for office repositioning or residential conversion.

“The property has an efficient floorplate and offers no tenant risk, should conversion be desired,” said JLL on the listing’s webpage.

Many office conversions are difficult due to floorplate sizes and configurations, along with other technical complications, according to investors, developers and brokers.

The 25-storey tower is two blocks north of the downtown portion of the C-train rapid-transit line. Built by Chevron in 1982 for its own purposes, the class A tower has been renovated in recent years.

Chevron is among a number of energy firms that have relocated and downsized their office spaces. Many companies moved to new office towers that were in the pipeline before the global oil and gas sector’s latest downturn and the COVID-19 pandemic.

Many of the new office towers have since changed ownership.

With no existing tenants, 500 Fifth provides flexibility for redevelopment, including the possibility of integrating into the Plus 15 walkway network, said JLL.

The commercial real estate firm is marketing the property without a list price.

JLL brokers Ryan Murphy and Casey Stuart are co-ordinating the marketing and sale process for Chevron.

Pictured: 500 Fifth office tower in downtown Calgary.

Photo: Courtesy of JLL