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Old 12-09-2013, 04:12 PM   #41
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Originally Posted by shermanator View Post
Random building nerd question alert. At the intersection of Elbow and 50th they have signs on the SE and SW corners advertising new mixed use (office / retail) development. I've known of the building on the SW corner, but is the building on the SE corner new, or just advertising the one on the SW corner?
I think you’re referring to Opus’s Britannia Crossing Development. It’s currently under construction and listed by Barclay Street Real Estate. They have had some challenges leasing the office portion so they announced a incentive program for brokers back in October. The next 12,000sq ft leased would get a equivalent portion of the Opus’s Flames season tickets, pretty sweet deal.

Anyway lease info and renderings below:

LEASE & BUILDING DETAILS
  • Building Size: 66,663 sq ft total rentable space
  • Total Office Space 53,896 sq ft
  • Total Retail Space: 12,767 sq ft (Main Floor)
  • Available Retail Space: 3,640 sq ft
  • Available Office Space: 42,846 sq ft
  • Occupancy: Summer 2014
  • Building Uses: Retail/Office
  • Estimated OP Costs: $10.85 (2014)
  • Parking Ratio: 1.59/1000 ft2
  • Offsite Parking: Available
  • Annual Net Rent: Market
  • Inducements: Negotiable
  • Other: Turnkey Available

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Old 12-09-2013, 05:27 PM   #42
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Im going to the currie barracks open house tomorrow and have very little knowledge of what the plan is however I have heard up to 4,000 residential condominium units in mid to high with plenty of commercial/retail.
Anyone have any information?
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Old 12-09-2013, 06:22 PM   #43
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Im going to the currie barracks open house tomorrow and have very little knowledge of what the plan is however I have heard up to 4,000 residential condominium units in mid to high with plenty of commercial/retail.
Anyone have any information?
I know more about the commercial end of this project. Colliers investment sales team identified the JV partner (Embassy Bosa Inc.) to partner with Canada Lands Company for the redevelopment. They are still deciding what they want to do on the commercial end but I suspect it will be roughly 200,000 to 300,000SF of office space over 2-3 mixed use buildings. My team put a lot of leg work in assisting our investment sales team so we will be granted the listing when things start to materialize. You'll probably start seeing shovels in the ground in late 2015 to early 2016.

More information here, and here.
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Old 12-09-2013, 09:03 PM   #44
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Just noticed a commercial building sign up on McLeod were the Swiss chalet is.
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Old 12-09-2013, 10:53 PM   #45
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I know more about the commercial end of this project. Colliers investment sales team identified the JV partner (Embassy Bosa Inc.) to partner with Canada Lands Company for the redevelopment. They are still deciding what they want to do on the commercial end but I suspect it will be roughly 200,000 to 300,000SF of office space over 2-3 mixed use buildings. My team put a lot of leg work in assisting our investment sales team so we will be granted the listing when things start to materialize. You'll probably start seeing shovels in the ground in late 2015 to early 2016.

More information here, and here.
I know the brewery was allowed to stay until early 2015 which lines up with that time line.
Whats happened to Stampede Station? They were trying to lease space in 08 right before the world ended, I remember seeing a financing package and then "poof it was gone".

same thing happened with that best buy on 17th, except I thought that was a bad idea both then and now
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Old 12-10-2013, 06:01 PM   #46
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Just noticed a commercial building sign up on McLeod were the Swiss chalet is.
That's another Opus Development - Hanson Court

Building is subject to preleasing and they'll want to hit a 50% threshold before they put shovels in the ground. It's on the back burner for Opus at the moment with Britannia Crossing being their main focus.

Some more information is: here
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Old 12-11-2013, 10:14 AM   #47
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I know the brewery was allowed to stay until early 2015 which lines up with that time line.
Whats happened to Stampede Station? They were trying to lease space in 08 right before the world ended, I remember seeing a financing package and then "poof it was gone".

same thing happened with that best buy on 17th, except I thought that was a bad idea both then and now

Stampede Station Phase I is fully leased but currently has a 37,130sq ft sublease through Genivar.

Phase II is currently subject to preleasing (likely 50% threshold) and is being by listed by Colliers. The site is owned by WAM Development but there has been little interest in the site over the past couple of years. There is too much sublease availability and upcoming headlease space downtown to have a major tenant take a position there. I don’t see anything happening there for a couple of years.

Colliers marketing brochure is: here

The Best Buy is located in Hanson Square (another Colliers listing) which is owned by Western Securities (fully private Landlord backed by the wealthy O’Connor family). We listed the office portion which has done exceptionally well but the Best Buy has been struggling since day one. Doesn’t help that they spent something like $100/sq ft to building out the space, which was mostly sunk into the escalator and signage. They are on a longer term lease, untied to the tenant sales performance, and are paying a high rate so WS doesn’t care much. I also don't see them selling the building anytime soon.

We have had some space come back in the building which shows quite well - particulars are below:

Hanson Square
  • Available Area: Third Floor: 7,692 sq. ft.
  • Term: 5-10 years
  • Net Rents: Market
  • Operating Costs: Estimated at $16.00 psf (2013 Budget)
  • Cash Allowance: Negotiable
  • Parking Ratio: Allocated at 1:540 sq. ft.
  • Available: Immediately
  • Ceiling Heights: 10.0’ to T-bar ceiling

More Info:
Spoiler!
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Old 12-11-2013, 10:49 AM   #48
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Any idea who bought the space on 6th ave and 4th street yet? The Imperial owned land that was sold to some unknown?
Well I just saw it posted on SSP so I believe I am safe to say who purchased that land.

Oxford bought it, and apparently for $/sqft rate of about $1000.

Edit: Title transferred for around $69M. Yowza!

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Old 12-11-2013, 12:40 PM   #49
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Well I just saw it posted on SSP so I believe I am safe to say who purchased that land.

Oxford bought it, and apparently for $/sqft rate of about $1000.

Edit: Title transferred for around $69M. Yowza!
Yeah everyone figure it was Oxford because they were the only ones who could actually afford it. I was really hoping Remington was going to make a bid as part of the Imperial Oil deal. It would be really interesting to see what they could do with a downtown development.
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Old 12-11-2013, 12:56 PM   #50
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To pay that much makes you think that they have somebody already in mind for that property.

It won;t be Husky. They are staying put and doing a refit.
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Old 12-11-2013, 01:08 PM   #51
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To pay that much makes you think that they have somebody already in mind for that property.

It won't be Husky. They are staying put and doing a refit.
Hmmmm... A major development there still wouldn't be enough to improve +15 access from west downtown to the core. I hate the little jog that goes through Aquitaine, Chevron, Roslyn, etc.

Would also like to see Centennial bridged to the west more.

If you could do 5th and 5th, to the courthouse, to... I guess the new Manulife building, to EAP that might help. Obviously the courthouse would be a no go due to security though.

Hmmm.... Does that lot include the section on 5th ave too? Just trying to think about the floor plate size.
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Old 12-15-2013, 01:01 PM   #52
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Sounds like Husky is staying put, lease apparently done.

Also, apparently with the Imperial Land sale most of the offers were conditonal on getting Husky in there whereas Oxford just offered $10 million more without conditions.
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Old 12-16-2013, 06:01 PM   #53
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Been away on holidays but will have more updates and information in the coming weeks. Appreciate all who continue to contribute.
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Old 01-08-2014, 07:24 PM   #54
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Just working on creating some Q4 reports for 2014 but some preliminary numbers for those who are intersted:

DOWNTOWN:
Total Q4 2013 Occupied Space: 36,728,465
Total Q3 2013 Occupied Space: 37,495,089
Total Q4 2013 Absorption: -798,558
YTD ABSORPTION: -1,581,037
Vacancy Rate: 7.27%
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Old 01-08-2014, 07:36 PM   #55
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Global Colliers Report | Q1 2014

25 Predictions for 2014: here
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Old 01-09-2014, 05:50 PM   #56
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Colliers Office Leasing Guide
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Old 01-10-2014, 10:12 AM   #57
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To pay that much makes you think that they have somebody already in mind for that property.

It won;t be Husky. They are staying put and doing a refit.
They are. I worked heavily on one of the teams that was competing. Husky got a sweetheart of a deal with their current landlord. Oh well, upward and onward.
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Old 01-12-2014, 03:32 PM   #58
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Morguard has some new information for their new development on 11th avenue, info below:

11th Avenue Place

Address
214 - 11th Avenue SW

Building Size (Office Component in SF)
184,781

Building Description and Comments: 11- storey office building with three floors of underground parking. Built to achieve LEED® Gold Certification (First in the Beltline District).
  • Estimated Pre-Lease Threshold (SF): 50%
  • Typical Floorplate (SF) 20,000
  • Projected Parking Ratio 1:1,567
  • Projected Rental Rate (PSF / Annually) $33.00 to $35.00
  • Estimated Tenant Improvement Allowance $35.00
  • Estimated Operating Costs and Taxes (PSF) $15.00
  • Project Status Under construction
  • Pre-Leasing
  • 53% Leased
  • Earliest Completion Date for Business Occupancy: Q4 2014
  • Estimated Fixturing Date: Q3 2014
  • Ownership Structure: Morguard

Renderings:
Spoiler!


Floor plans:

4th Floor Single Tenant Plan

4th Floor Multitenant Plan

They even had a live consturction webcam: here
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Old 01-13-2014, 05:57 PM   #59
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Pretty excited to be bringing a new sublet in the SMART Technologies Building to the market. We put a lot of work into getting the opportunity to work with one of Calgary’s largest technology firms and feel this sublet will be a real success.

PROPERTY HIGHLIGHTS
  • Available Premises 41,772 square feet
  • Availability 90-120 days notice
  • Op Costs $9.95 per square foot
  • Term January 1st, 2033
  • Rent Market Rates
  • Parking 20 underground stalls at $125.00 per month
  • Year constructed 2008

Full Marketing Brochure is here


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Old 01-14-2014, 12:08 PM   #60
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Pretty excited to be bringing a new sublet in the SMART Technologies Building to the market. We put a lot of work into getting the opportunity to work with one of Calgary’s largest technology firms and feel this sublet will be a real success.

PROPERTY HIGHLIGHTS
  • Available Premises 41,772 square feet
  • Availability 90-120 days notice
  • Op Costs $9.95 per square foot
  • Term January 1st, 2033
  • Rent Market Rates
  • Parking 20 underground stalls at $125.00 per month
  • Year constructed 2008
Full Marketing Brochure is here


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So in the case of a sublet will the tenancy be subject to the same restrictions on occupancy and have to be considered "research park tenants?". I know there's some restrictive use covenants in there.
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