Equium Group has been appointed as the exclusive property manager for the Palliser One office-to-residential conversion project in downtown Calgary.

Located at 125 9 Avenue SE, the 27-storey Palliser One tower is undergoing a transformation from a vacant B-class office building into a thriving multi-residential community.

Timbercreek Alternatives LP, a subsidiary of Timbercreek Capital, and Aspen Properties, are collaborating on the conversion project. Plans call for the repurposing approximately 418,000 square feet into over 400 rental units.

The project also includes more than 20,000 sf of integrated amenities designed to enhance urban living.

The initiative is part of Calgary’s Downtown Development Incentive Program, which aims to revitalise underutilised office spaces while addressing the growing need for affordable housing in the city.

“This project is a shining example of how adaptive reuse can breathe new life into urban spaces, creating sustainable, connected, and vibrant communities,:” said David Simpson, Equium’s vice-president of real estate management.

Palliser One is situated next to the Calgary Tower with direct access to the Plus-15 skywalk network that links downtown buildings to each other. The building is also situated near downtown attractions, transit, and services.

Equium Group’s responsibilities at Palliser One will include property management, leasing, building operations, amenity management, and resident services. The company’s role is critical to ensuring Palliser One’s success as a cornerstone of Calgary’s downtown revitalization efforts, Equium said.

Founded in Calgary in 2011, Equium manages a real estate portfolio valued at more than $6 billion across 22.2 million sf. The award-winning firm specializes in residential and commercial real estate services.

In 2024, Toronto-based Timbercreek and Calgary-headquartered Aspen Properties completed their acquisition of the building and commenced its conversion into a multi-residential tower.

The companies also closed on a private placement offered in the summer of 2024as part of the acquisition. The private placement raised total proceeds of approximately $21.6 million. While launching the offering, Timbercreek and Aspen said it was intended to raise $30 million.

The conversion project is receiving funds through the City of Calgary’s Downtown Development Incentive Program. Known as DIP, the program aims to address the city’s high office vacancy by repurposing older office buildings into much-needed rental-housing stock. DIP also funds the conversion of office buildings into hotels, schools and performing arts centres.

Founded in 2000, Timbercreek is one of Canada’s leading alternative investment managers specializing in debt and equity investments in value-add commercial real estate across Canada, the U.S., and Europe.

Aspen, a boutique real estate company, owns and manages approximately 4.25 msf of office space across Calgary and Edmonton.

Rendering: Government of Alberta