G2S2 Capital has purchased the iconic mixed-use Bow Valley Square complex in downtown Calgary from Oxford Properties for an undisclosed price.

Bow Valley Square spans 1.4 million square feet and includes four towers of predominantly office spaces, along with retail and other commercial units.

Halifax-based G2S2 purchased the LEED Platinum-certified property through its subsidiary Armco Alberta from Toronto-headquartered Oxford Properties.

Bow Valley Square was built in stages between 1972 and 1982. The property links to other core locations through the Plus-15 skywalk system that connects numerous buildings to each other while keeping pedestrians warm on cold winter days.

The office component includes a range of modern amenities, such as:

• Bow Valley Athletic Club: An athletic and social club that offers fitness equipment, squash courts, steam rooms, and wellness services.
• Tenant Fitness Center: A fully equipped facility with an online booking system and mobile app for tenant convenience.
• HUB Lounge & Rooftop Patio: A communal space featuring a rooftop patio, green space, and barbecues.
• Conference Centre: A meeting space with advanced audio-visual technology.
• Executive Bike Room: The space is designed to promote sustainable commuting and includes bike storage, repair stations, and executive lockers.
• Co-working Space: A flexible workspace for entrepreneurs and freelancers.
• Childcare Facilities: On-site childcare services for children aged 12 months to five years.
• Parking: An 800-space parkade available for tenants and visitors.

“We are excited and proud to welcome Bow Valley Square, its 200 tenants, and all of our new employees into our portfolio,” said Steven Darrow, president of Atlantic Canada and Alberta at Armco Capital, which is another G2S2 subsidiary.

“This acquisition is an important milestone in our growth strategy, and underscores our belief in the success of Calgary and Alberta. We look forward to building upon the legacy of this landmark while upholding the standards that have established Bow Valley Square as a premier choice for businesses.”

G2S2 Capital is a privately held investment holding company with a long-term focus on creating value across a variety of businesses. Through its subsidiaries, including Armco Alberta, the company continues to expand its presence in markets across Canada.

G2S2 is headed by George Armoyan, an activist investor who has been at the centre of a battle between Slate Office REIT and its outgoing external manager, Slate Asset Management.

Armoyan, a member of the REIT’s board, and other unitholders have objected to SAM’s plan to take the debt-laden REIT private. He and other opponents contend that offer price is too low.

In wake of the battle, the Welch brothers have resigned from the board, and SAM has initiated the termination of its management agreement with the REIT.

Photo: Zeidler Architecture