New Brunswick’s power utility has sold its two-building Fredericton office headquarters complex to Forum Asset Management.

NB Power spokeswoman Dominique Couture confirmed to Connect that Toront-based Forum Asset Management bought the buildings, and the deal has closed. Couture declined to disclose the sale price but multiple reports have pegged it at $39 million.

The buildings are situated at 527 King Street and 515 King Street. Under the terms of the agreement, NB has leased back 515 King Street.

“Consolidating NB Power’s office space into one building (515 King Steet) and bringing in a national building operator signals a transformational approach to running our business and demonstrates our strategic plan in action, using partnerships to improve our operational performance,” said Couture in a statement.

“The sale will allow us to make progress towards paying down debt, reducing operating expenses and improving energy efficiency in the building.”

Toronto-based Forum is slated to upgrade the building.

The future of 527 King Street, a 1940s-era heritage, is uncertain. Forum has floated the idea of selling or leasing the asset, or converting it to a multi-residential property.

Forum said on LinkedIn that Toronto-based JLL and Halifax-based Partners Global Corporate Real Estate brokered the transaction. Partners Global also has an office in Fredericton.

Pictured: 527 King Street, Fredericton

Photo: HistoricPlaces.ca