CBRE Launches Sale of Metro Vancouver’s Head Office Complex in Burnaby

​Burnaby, BC – August 8, 2017 – CBRE Canada has been retained by Metro Vancouver to facilitate the sale of its head office complex at 4330 Kingsway and 5945 Kathleen Avenue. Located in the City of Burnaby’s well-known Metrotown community, the properties are comprised of 1.55 acres and are improved with two commercial office towers totalling approximately 250,000 square feet.

The site benefits from the Metrotown Downtown Plan, is well-positioned to attain the highest order of use and density contained in Burnaby’s Zoning Bylaw, and is supported by transit as well as recreation, entertainment, and cultural amenities to create a thriving downtown for both businesses and residents. The newly adopted Metrotown Downtown Plan aims to create an official downtown for Burnaby that is slated to become the second-largest downtown area in Greater Vancouver.

“With plans to transform Metrotown into Burnaby’s official downtown, the properties’ new owner will have a unique opportunity in reshaping the city’s largest urban centre,” said Tony Quattrin, Vice Chairman of CBRE Canada Capital Markets, who is leading the sale of the properties, alongside his business partner, Jim Szabo​. “The site is located at a prime gateway location in Burnaby’s Metro Downtown area, and has significant redevelopment and holding income potential for the successful buyer. The opportunities to capitalize and densify the site through rezoning are tremendous given the location and the amenities that already surround the area.”

The site can potentially support up to 742,000 square feet of new mixed-use residential and commercial development close to Skytrain. The Burnaby office market is one of the best performing suburban markets in Greater Vancouver and continues to attract new tenants, including the Health Employers Association of B.C. and the Directors Guild of B.C.

Metro Vancouver will be relocating into its new facilities at MetroTower III by the end of November. The office building, acquired from Ivanhoé Cambridge, will serve as the regional district’s new head office.

About Metro Vancouver
Metro Vancouver is a federation of 21 municipalities, one Electoral Area and one Treaty First Nation that collaboratively plans for and delivers regional-scale services. Its core services are drinking water, wastewater treatment and solid waste management. Metro Vancouver also regulates air quality, plans for urban growth, manages a regional parks system and provides affordable housing. The regional district is governed by a Board of Directors of elected officials from each local authority.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through about 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

In Canada, CBRE Limited employs over 2,000 people in 22 locations from coast to coast. Please visit our website at www.cbre.ca.
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