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Originally Posted by The Yen Man
Whispers from a friend who's in the industry say Shaw pulled out of the agreement. I heard this about a week ago, so not surprised 3 Eau Claire may not go through. I always thought that project was too ambitious. Totally reminded me of Resiance and Midtown back in 2005, which I bought into back then and got burned for it.
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It turns out my senior partner who has a close relationship with Shaw knew about this a few weeks ago and has already had meetings with senior management about what alternatives they have now that 3 Eau Claire is dead. Shaw might just reconfigure their current premises with the renovations their doing to Shaw Court but I doubt they could reconfigure all 240,000SF into Shaw Court.
Right now they are in about 6 floors at Scotia Centre with that lease coming up in 2016. The original plan was to relocate that group to 3 Eau Claire but now things are up in the air. Harvest Operations just took 143,000SF in Scotia and got a screaming deal from Cominar REIT (The Landlord). Shaw may extend their lease or look at options closer to Shaw Court.