The partners in Calgary’s iconic Telus Sky mixed-use tower are working to reorganize their ownership stakes.

If all goes according to plan, Telus will acquire 100% ownership of the building’s commercial component; meanwhile, Westbank and Allied Properties REIT will become equal owners of the residential spaces, Allied said in a news release. Telus, Westbank and Allied currently own the property equally under a joint-venture partnership.

“[The transaction] will address the respective needs and aspirations of the partners optimally and bring our joint-venture to a successful conclusion,” said Michael Emory, Allied’s founder and executive chair.

Vancouver-based Westbank and Toronto-based Allied plan to sell their respective one-third interests in the commercial component to Telus. In turn, Vancouver-based Telus will sell its one-third stake in the residential section to Westbank and Allied.

Telus Sky contains 452,352 square feet of office space, 13,059 sf of retail area and 326 rental residential units.

Westbank developed Telus Sky and Allied manages it.