Westbank has sold an office building in Vancouver’s Mount Pleasant area to Spear Street Capital for $115 million, according to a published report.

Located at 114 Main Street, the building stands eight storeys and comprises 160,000 square feet of office and light-industrial space. Known as M2, the structure is part of Westbank’s ongoing Main Alley mixed-use development project geared toward the creative sector.

The transaction was confirmed by Spear Street Chairman and CEO John Grassi, according to the report.

Vancouver-based Westbank has divested several assets in recent months as the major development company attempts to reduce its debt load.

The deal gives San Francisco-based Spear Street three office properties in Vancouver. The company’s other Canadian properties are located in Montreal, Calgary and Waterloo, Ont.

Spear Street focuses on developing and owning office assets in the U.S., Canada and Europe.

Photo: CBRE