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Colonnade Gets $12M Back From Ottawa Buy, Keeps Development Lands
Three years after paying $20M for an Ottawa office building and its neighbouring development lands, Colonnade BridgePort has sold the office for $12M — and kept the land.
The five-storey, 93,200-SF building at 1900 City Park Dr., near Blair LRT station, was acquired by a private capital purchaser, according to Avison Young, which represented Colonnade BridgePort in the sale.
Colonnade BridgePort bought 1900 and 2000 City Park Dr. with an institutional investor in February 2023. Colliers and Morguard market reports put the combined purchase price at $20M.
That deal included the existing office building and an adjacent four-acre parcel.
The office has now been carved out and sold, while Colonnade BridgePort retains the development site next door.
Plans for 2000 City Park Dr. have also moved ahead since the acquisition. Ottawa has approved zoning for five residential buildings ranging from 12 to 30 storeys, with a combined 1,192 homes.
The result is a different picture than the headline numbers initially suggest: Colonnade BridgePort has recovered $12M from the office component of its original $20M acquisition while holding onto a major transit-oriented development site.
Avison Young said the office property itself sits on 2.5 acres.
- ◦Sale/Acquisition