District Realty plans to convert a downtown Ottawa office building into a multi-family rental property, two commercial real estate firms reported.

The 11-storey tower at 200 Elgin Street will undergo the conversion, CBRE and Colliers said in their latest Ottawa quarterly office reports. Known as the Elgar, the building was constructed in 1966.

The conversion project will remove about 140,000 square feet from the local office inventory, Warren Wilkinson, a senior managing director with Colliers, told the Ottawa Business Journal. As a result of the planned conversion, class C vacancy subsequently declined 30 bps to 25.7% from 30%, said CBRE in its report.

Ottawa-based District has converted a number of downtown office spaces into residential developments in the nation’s capital.

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