CBRE Wins Award for Sale of Ottawa’s Iconic Place de Ville
December 6, 2022 3 Minute Read
CBRE’s National Investment Team co-brokered the 2021 sale of iconic Ottawa office complex Place de Ville and in recognition of their efforts were awarded the Real Estate Deal of the Year at last month's Best Ottawa Business Awards.
The sale of the four-building complex, purchased by Crestpoint Real Estate Investments and Crown Realty Partners for $350 million, is the second-largest commercial real estate transaction in Ottawa’s history.
Nico Zentil, Senior Vice President of Capital Markets at CBRE Ottawa, along with Peter Senst of NIT Toronto, represented the sellers of the complex: Alberta Investment Management Corp., Brookfield Properties and the Canada Pension Plan Investment Board.
“I see this as a big vote of confidence in the Ottawa office sector after a tough couple of years,” says Zentil. “And it has helped bolster our market and restore faith in the future of downtown Ottawa.”
CBRE won the same Ottawa Business Award in 2017 for the sale of the Constitution Square complex, the biggest transaction in Ottawa commercial real estate history, at $480 million.
“It’s pretty cool for us to have been part of the two biggest deals in Ottawa’s history,” Zentil says. “That’s a nice feather for CBRE to have in our cap.”
“Challenging times require trusted advisors, and CBRE has the experienced and creative professionals who can help to navigate the market and unlock opportunities,” says CBRE’s Ottawa Managing Director Louis Karam.
Morguard Corp. just closed on the sale of a portfolio of 14 hotel properties in Ontario and Halifax to InnVest Hotels and Manga Hotel Group for $410 million.
True North Real Estate Development’s proposed redevelopment of Winnipeg’s decaying Portage Place complex represents much more than a real estate investment, according to CBRE’s Paul Kornelsen.
Stay In The Know
Subscribe today and join hundreds of professionals who get the latest blogs delivered straight to their inbox.