Crown Realty Partners has sold a three-tower office real estate portfolio in Ottawa to Brasswater for an undisclosed price.

The transaction has closed, Crown and Brasswater said in a news release Thursday. The purchase price was not disclosed. Crown will continue to manage the buildings and provide leasing support alongside Brasswater.

The three mid-rise buildings comprise 290,000 square feet and are located at 1525, 1545 and 1565 Carling Ave.

“This transaction reflects the strength of Crown’s integrated platform and our hands-on approach to real estate,” said Scott Watson, a Crown managing partner. “Through targeted capital investment, active leasing, and a continued focus on tenant experience, we successfully enhanced the quality and performance of the portfolio. We are excited to work with Brasswater and continue supporting the asset with our real estate services platform.”

The transaction marks Brasswater’s entry into the Ottawa market as the Montreal-based firm continues its focus on acquiring high-quality real estate. Located along the Carling Avenue corridor, the portfolio is positioned to benefit from Ottawa’s stable economic fundamentals and long-term office demand drivers, according to Crown.

Since 2019, Crown has invested approximately $2.3 million worth of capital improvements in the portfolio as part of a value-add strategy that included upgrades to common areas, enhanced tenant amenities and the introduction of tenant-engagement and wellness programming. Crown said portfolio occupancy increased to 94% from 75%, while annual net operating income rose 65% during the ownership period despite leasing and economic challenge

“We are excited to acquire a premier urban asset that aligns with our long-term investment strategy and focus on high-quality real estate,” said Ian Quint, founder and president of Brasswater. “The property benefits from strong fundamentals, an exceptional location, and a strong tenancy profile. Retaining Crown as property manager allows us to leverage their deep market expertise and longstanding relationships as we continue to grow our presence in Ottawa.”

Crown Managing Partner Emily Harris said the sale is an important example of the liquidity that the firm’s value-add strategy can create, even in a constrained capital-markets environment,

Marcus & Millichap’s IPA division collaborated with Avison Young to represent the vendor in the transaction.

Pictured: One of three Ottawa office buildings that Crown Realty Partners sold to Brasswater.

Photo: Coutesy of Crown Realty Partners

If you’re making investment, development, or lending decisions in today’s Canadian commercial real estate market, Connect CRE Canada in Toronto on June 25 is where you need to be. Join an audience of 200 investors, lenders, brokers, developers, and owners for high-level networking and timely discussions on the trends impacting today’s market. Hear from industry leaders at TD Asset Management, Starlight, Woodbourne Capital Management, REMAX, Fengate Asset Management, Stonebridge Financial, Yardi, and more. Register now to gain the insights and connections to navigate an evolving landscape.