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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.

CPPIB, Oxford to Sell Vancouver Office Buildings for $300M: Bloomberg

The Canada Pension Plan Investment Board and Oxford Properties have agreed to sell two downtown Vancouver office buildings for about $300 million, Bloomberg reported.

Germany’s Deka Group is slated to purchase the properties, in which Amazon has leased extensive amounts of space, according to Bloomberg. But the deals, among few occurring globally at a time of office market upheaval, have yet to close.

Bloomberg cited unidentified sources who are familiar with the sales effort.

CPPIB and Oxford have declined to comment. The two buildings sit back-to-back on streets that run parallel with each other. However, the Toronto-based investors own the properties separately.

Built in 1985, the 22-storey CPPIB property is located at 401 West Georgia Street.

Oxford’s nine-storey structure is situated at 402 Dunsmuir Street. The 152,000-square-foot building was completed in 2020, with Amazon leasing the entire build-to-suit property.

CPPIB and Oxford put the buildings up for sale in the summer of 2023. But, Bloomberg reported, the buildings did not fetch the desired $350-million asking price.

Amazon occupies more than one million square feet within other buildings in the area, which serves as an office hub for the U.S.-headquartered giant.

CPPIB manages Canada’s largest pension fund. Oxford is the real estate arm of the Ontario Municipal Employees Retirement System, more commonly known as OMERS.

Frankfurt-based Deka and other German institutional investors have a long history of trading downtown Vancouver office assets.

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

Image: B+H Architects

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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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