Hines Buys Office Tower in Downtown Calgary for Redevelopment
First Tower in Calgary
CALGARY, ALBERTA, CANADA – (Realty News Report ) – Houston-based Hines, in partnership with an Oaktree Capital Management fund has acquired a 27-story office tower in Calgary.
The 708,000-SF Class B office building, called First Tower, is located in the Downtown East submarket of Calgary on First Street.
First Tower is 51 percent leased to a roster of notable tenants including Encana, Telus and TransCanada.
Hines and Oaktree will pursue a significant capital upgrade program to reposition the building to a Class A standard including the redevelopment of key common areas of the property. First Tower is well served by transit and only two blocks south of the recently upgraded Riverwalk.
Hines Managing Director Syl Apps said, “We are pleased to acquire this office asset where we have the ability to provide a compelling value proposition to our tenants. As a firm, we believe in, and are committed to, the city of Calgary with First Tower being Hines’ second office acquisition during the recent energy downturn. We look forward to continuing to grow our downtown Calgary value-add office portfolio in the coming months and years.”
Hines, founded in 1957, has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million SF. Hines has a presence in 201 cities in 24 countries.