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City of New Westminster sells downtown office tower
New Westminster, BC – The City of New Westminster has sold “Merchant Square”, the office tower currently under construction as part of the Anvil Centre project in the historic downtown district, to 777 Columbia, a company jointly owned by Kingswood Capital and Duke Holdings. Kingswood Capital is majority-owned by noted Vancouver businessman and philanthropist, Joe Segal.
“The sale of the office tower at Eighth and Columbia is a significant part of our vision for the city’s economic development and revitalization of the downtown core,” said Mayor Wayne Wright. “The involvement of such a respected business luminary as Mr. Segal in our city is solid proof that New Westminster is once again being seen as a great place for business to thrive and grow in Metro Vancouver.”
The purchase price for the office tower “shell” is $36.5 million. As part of the agreement, the purchaser has assumed responsibility for tenant improvements and leasing of the nine-storey, 137,000 square foot, Class A, targeted LEED Gold office space. The city will therefore not require $9.5 million that had previously been budgeted for office tower fit out. The City retains ownership of Anvil Centre, Metro Vancouver’s newest mid-sized conference facility, fee-simple land, ground level retail space and three level underground parkade.
“When we made the decision to pursue office tower construction in 2012, we did so knowing the many benefits that this project will bring to the City,” said Wright. “The office tower and Anvil Centre are on track for completion later this spring and we look forward to welcoming everyone to these great new assets not only for our community but all of Metro Vancouver.”
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Contact: Lisa Spitale
Chief Administrative Officer