H&R REIT has completed the sale of its 50% interest in a landmark Burnaby, B.C., office building to Crestpoint for $82.5 million.

The building is known as the Telus Boot for its big-name tenant and boot-like shape. The 671,000-square-foot asset is located at 3777-3791 Kingsway near the Burnaby-Vancouver boundary.

Crestpoint has agreed to assume a $25.1 million mortgage from H&R, the REIT announced previously.

The two Toronto-based organizations have proposed to redevelop the property on which the Boot sits into five multi-residential towers. Known as Central Park Commons, the redevelopment project is slated to include rental-apartment and condominium towers.

H&R’s sale of its stake in the Boot building is part of the REIT’s effort to divest all of its office assets. The REIT announced in April that it had agreed to sell its interest in the Boot to Crestpoint.

At the same time, H&R announced that it had closed on the $232.5-million sale of Dockside Green, a 480,000-sf downtown Toronto waterfront office building known as Corus Quay, to George Brown College and its equity partner Halmont Properties.

“These [Burnaby and Toronto] office sales further our strategic repositioning plan and [move] H&R REIT closer to achieving our portfolio-simplification strategy goals,” Tom Hofstedter, H&R’s executive chairman and CEO, said in April.

Pictured: Telus Boot office building in Burnaby, B.C.

Photo: CBRE