A major office tower in the heart of downtown Ottawa is for sale.
150 Slater St. is an 18-storey tower that currently houses the headquarters of Export Development Canada (EDC).
CBRE Group is marketing the building.
“150 Slater Street offers 100% occupancy supported by a weighted average lease term (“WALT”) of 6.8 years. The Property is 98% leased to EDC, comprised of 469,423 sq. ft., offering investors an investment grade covenant and an ability to support attractive financing terms,” a brochure for the property says. “The remaining GFA is leased to complementary ground floor retail tenancies. EDC’s below market rent is flat until expiry, offering attractive upside on renewal. The tenant’s two options to renew are for 5-year terms at market rents.”
While the tower houses a Crown corporation and was purpose built for EDC, it is privately owned by Manulife. The federal government, however, is also looking to convert some of its downtown office properties into housing, including the Jackson Building at 122 Bank St., and l’Esplanade Laurier at 171-181 Bank St.