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Morguard has sold a downtown Ottawa office building to the federal government's procurement and real property manager for $125.3 million.

Morguard Sells Ottawa Office Building for $125.3M

Morguard has sold a downtown Ottawa office building to the federal government for $125.3 million.

The 11-storey structure is located at 181 Queen Street near the Parliament buildings. Public Works and Government Services Canada (PWGSC) executed an option to purchase the property at fair market value as outlined in a lease agreement, said Morguard in a news release.

PWGSC manages the federal government’s procurement, operations and real property. The building houses CBC and Radio-Canada’s national headquarters and broadcast centre.

Morguard used part of the proceeds to pay a $57.7-million first mortgage. The $125.3-million purchase price equated to approximately $500 per square foot. According to McKee Engineering, the building comprises 275,000 sf.

Other federal groups also occupy spaces along with PWGSC, which is a major investor and trendsetter in the local office sector. The deal comes as Ottawa’s office market grapples with high vacancy and aging assets are becoming harder to trade.

Mississauga, Ont.-based Morguard said it “proudly” remains one of the largest office holders in downtown Ottawa with a portfolio that exceeds 3.3 million square feet.

Photo: Wikipedia


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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Policy/Gov't
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