Manulife snags Ottawa building

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This article was published 07/12/2009 (5867 days ago), so information in it may no longer be current.

OTTAWA — Manulife Financial is buying the new Export Development Canada building that’s under construction in downtown Ottawa.

In a sign of the strength of the Ottawa centre-core business district, the big financial services company said it had been looking for opportunities to expand its holdings.

The purchase price wasn’t disclosed, but the building was expected to cost $150 million when a contest to select partners to build the sleek, eco-friendly tower ended in May.

Manulife is buying the building from Broccolini and Canderel, the two companies picked to build and finance the 18-storey, 479,000-square-foot project, which will include retail space at street level.

It will take ownership of the building when construction is completed at the end of 2011.

EDC will move about 1,000 employees into the building when it consolidates operations from two other buildings under a lease that runs until 2031.

Manulife owns four other buildings in Ottawa, including Manulife Place, and has a portfolio of buildings across Canada, the United States and Asia worth $6 billion.

With vacancy rates of just 2.9 per cent in September in the central business district, demand for space is strong as the federal government and private businesses look for space.

The federal government is working on plans for 4.1-million-square feet of new space across the region to replace older buildings and manage public service growth.

The new building is being built to Leadership in Energy and Environmental Design (LEED) specifications based on sustainable design, quality and water and energy conservation standards.

— Canwest News Service

City of Winnipeg building permits

Major projects for October

Address Building permit description Value

1338 Wolseley Ave. Construct Addition SFD 800,000

1 Evergreen Pl. Alter Exterior Apartments 1,690,000

2365 McGillivray Blvd. Construct New Gas Kiosk 750,000

555 Main St. Interior alteration Parkade – below ground 1,519,780

707 Flight Rd. Partial Permit-Foundation Industrial 1,600,000

199 Commerce Dr. Interior Alteration Commercial Multi-tenant 1,950,000

145 Pacific Ave. Alter Exterior Warehouse 1,000,000

550 Kenaston Blvd. Interior Alteration Retail Store 2,000,000

140 Paquin Rd. Interior Alteration Industrial 905,321

600 St. Anne’s Rd. Construct New Office 1,300,000

550 Wellington Cres. Partial Permit-Foundation School 1,320,000

1999 Wellington Ave. Partial Permit-Struct. Frame Hotel 1,230,000

580 Main St. Construct New Office 3,900,000

1630 Henderson Hwy. Interior Alteration Parkade – above ground 1,063,507

1035 Gateway Rd. Interior Alteration Retail Store 2,000,000

1670 Portage Ave. Construct Addition Hotel 2,700,000

879 Keewatin St. Interior Alteration Warehouse 563,000

1054 Kilkenny Dr. Construct New SFD & Att. Gar. 600,000

1390 Pacific Ave. Interior Alteration Warehouse 746,335

70 Blackmore Ave. Construct New SFD & Att. Gar. 500,000

770 Tache Ave. Partial Permit-Foundation Apartments 7,700,000

500 Pandora Ave. Construct Addition Industrial 1,895,338

1434 Church Ave. Construct Addition Industrial 675,000

800 Salter St. Interior Alteration School 973,244