G2S2 Capital has acquired downtown Calgary landmark First Canadian Centre for an undisclosed price.

Halifax-based G2S2 bought the 540,000-square-foot site through subsidiary Armco. G2S2 announced the acquisition in a news release and Armco postings on LinkedIn. Great West Life Realty Advisors previously owned the property but has not commented on the sale.

First Canadian Centre is a 41-storey class A office tower located at 350 7th Ave S.W. The building includes premium office and retail spaces.

G2S2 indicated on LinkedIn that it plans to develop a multi-residential tower on the site. According to the company, the existing foundation was originally designed for a 64-storey structure in 1981.

“I can’t wait to start the new residential tower on the existing foundations and underground infrastructure,” said George Armoyan, who heads both G2S2 and Armco, on LinkedIn.

Armoyan’s family owns G2S2, and he has stakes in several other commercial real estate ventures.

The deal marks G2S2’s third major purchase of a downtown Calgary office property, following its recent acquisitions of the iconic Bow Valley Square and Altius Centre. With this latest purchase, G2S2 now holds over 2.4 million square feet of office space in Calgary, the company said.

First Canadian Centre is part of the Plus 15 skyway system, which links downtown buildings while keep pedestrians warm and dry in winter and cool in summer.

Earlier this week, Armoyan was named chair of Slate Office REIT’s board. He has been at the centre of a battle that led to the board’s overhaul and Slate Asset Management relinquishing its role as the REIT’s external asset manager.

Armoyan and other unitholders have objected to SAM’s plan to take the debt-laden REIT private. He and other opponents contend that the offer price of $4.95 per unit is too low.

Photo: GWL Realty Advisors